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Power Lunch Morning Brief

Manhattan New York sunrise
Thomas Krumeier | Flickr Open | Getty Images

A daily morning look at the financial stories you need to know to start the day

STOCKS/ECONOMY

-Stock futures are solidly higher after yesterday's late selloff. Oil is also higher.

-NY Fed President William Dudley now sees more risks of the economy slowing rather than the other way around.

-Chinese manufacturing showed declines for the seventh straight month and now, Beijing says it will lay off 5-6 million workers from so-called "zombie enterprises."

-NYSE owner ICE is now bidding for the London Stock Exchange.

OIL/ENERGY

-Crude is up more than 1% right now with WTI hitting $34/barrel.

-Gasoline prices edged up another penny overnight to $1.75/gallon, national average.

APPLE

-A New York judge has sided with Apple in a drug case, saying the company does not have to unlock the phone for investigators. Obviously, this decision will be studied carefully as the FBI and Apple fight over unlocking the phone owned by the San Bernardino terrorist.

-Meanwhile, Apple and the FBI will be before a House Judiciary Committee hearing today to discuss the San Bernardino case.

-A man whose wife was shot in the San Bernardino attack is actually taking Apple's side in the case.

VENEZUELA REALITY

-In a fascinating case, the government of Venezuela is suing a US-based website for the "crime" of publishing the real black market exchange rates for dollars and the Venezuelan bolivare. The Venezuelan government has a fancy US law firm, Squire Patton Boggs, arguing that the website is causing runaway inflation and the collapse of the Venezuelan economy!

DEFENSE

-The battle for Mosul has begun as U.S. and Iraqi forces look to drive ISIS from the city. This is the biggest battle for the U.S. in Iraq since the "end" of the war.

-The U.S. military will reportedly deploy laser weapons within seven years, and initial tests are showing these weapons to be exceptionally powerful.

HEALTHCARE

-The Obama administration has worked out a deal to make electronic medical records more available to patients and easier to share between health care providers. But nothing in the deal addresses the huge time and financial costs of filling out the forms and updating them.

-Teva says its efforts to make a generic EpiPen have been delayed indefinitely.That's great news for EpiPen maker Mylan, who saw more than $1 billion in sales for EpiPen in 2014.

MOVING AMERICA

-A Google self-driving car has for the first time been found at fault in an accident.