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Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

It's a simple enough concept. A financial adviser should be legally required to put their clients' best interests ahead of their own. But it's actually not the law.

The Department of Labor — which concerns itself with such matters because of its oversight of workers' welfare and retirement — has decided to change that. Now, people are worried that president-elect Donald Trump will roll back the rule.

US wages in December rose at the fastest pace since mid-2009, according to the Bureau of Labor Statistics' employment report released Friday. Here are the headlines:

• Wage growth hits a new post-recession high
• Labor force participation ticks up
• The US has added more jobs than the other major advanced economies combined over the past 7 years
• THE VERDICT: A comprehensive look back at Obama's jobs record

In other news, Canada's jobs report crushed expectations.

In markets news, a Citigroup debt strategist created a scary-looking clock, and it looks like time is running out. Wall Street's least bullish strategist says to buy 'CRAP' in 2017. And we talked to a $11.4 billion fund manager about Trump, Russia, and China.

There has also been a good bit of deal news over the past 24 hours. Here are the headlines:

• Neiman Marcus is pulling its IPO
• Verizon’s still not sure if its $4.8 billion Yahoo deal will close, five months after announcing it
• Pandora is falling after its most likely buyer dismissed acquisition rumors — and criticized its new direction
• A startup that wants to create a simple blood test for every form of cancer is trying to raise at least $1 billion
• Trump still doesn't think the $85 billion AT&T-Time Warner merger should be approved

In auto news, Mercedes-Benz just dethroned BMW as the king of luxury cars in America. And someone needs to explain to Trump how Toyota actually makes money, according to Matt DeBord. 

Lastly, here are 16 stunning photos that will make you want to travel to Canada. 

Here are the top Wall Street headlines from the past 24 hours

A day-and-a-half in the life of a top Wall Street tech analyst - Mark Mahaney is one of the top tech research analysts on Wall Street.

A 29-year-old hedge fund manager reveals why he loves hiring liberal arts majors - Most people will tell you that you need to major in accounting, economics, or finance to land a job on Wall Street.

Bentley just unleashed the fastest and most powerful car it's ever built - In the world of super GT cars, the Bentley Continental is the elder statesman. It may be hard to believe, but the Bentley Continental has been around for nearly 15 years.

Volkswagen could pay over $3 billion to the government to resolve its emissions cheating scandal - Volkswagen and the US Justice Department are nearing an agreement to resolve the government's civil and criminal investigations that would require the German automaker to pay more than $3 billion.

JPMorgan's complete guide to everything happening in the markets - 2017 promises to be an exciting year for markets, with Donald Trump set to move into the White House in a couple of weeks.

We bought and sold bitcoin — here's how it works - A year and a half ago, the idea of buying the virtual currency bitcoin was laughable. After a rapid rise in value in 2013, the cryptocurrency's value more than halved by mid-2015.

SEE ALSO: North America is going to get a new billionaire every 6 days

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Chinese regulators are reportedly looking into the use of bitcoin to avoid capital controls.

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The post Vinny Lingham: Bitcoin is Close to Being the Global Currency appeared first on CryptoCoinsNews.

The People’s Bank of China (PBOC) initiated meetings this week with leading bitcoin exchanges in both Beijing and Shanghai. PBOC...

The post PBOC Meets With Leading Chinese Bitcoin Exchanges Amid Price Volatility appeared first on Bitcoin Magazine.

A bitcoin blockchain-based Internet is a step closer to reality thanks to this $5.3m investment in Blockstack led by Union Square Ventures.

Source

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The post Bitcoin Exchange Huobi’s Staff Threatened by Disgruntled Trader appeared first on CryptoCoinsNews.

China-based bitcoin exchange BTCC has publicly commented on statements issued by the country’s central bank.

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The price of bitcoin has sank more than 10 percent from the day’s peak, a development that comes after a week of volatile market moves.

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Officials from the People's Bank of China met with representatives of major bitcoin exchanges this week to issue a warning about their conduct.

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Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a quick overview of what traders are talking about on Friday:

• US stock futures are little changed ahead of the jobs report. Economists forecast that the economy added 175,000 jobs in December, while the unemployment rate rose to 4.7% from 4.6%. German bunds and US Treasurys are holding Thursday's gains. 
• Bitcoin is getting smoked again, down 10%, after it suffered the worst drop in two years on Thursday. 

Here's Lutz:

Good Morning, and TGIF!   Today is Jobs Day (Street around 175k, but expectations for a miss), so US markets are gyrating around unchanged.   Eyes remain on the retail sector after yesterday’s hemorrhaging caused by M and KSS – we will see what GPS and GIII bring into ICR next week.   Also the Biotech/HC sector remains in the forefront ahead of JPM next week - AMGN (#1 weight IBB) is marked up 5% on headers.   Mostly weaker in Europe in very light Holiday trade (Epiphany = Several Western European markets closed).  DAX is off small, but volumes are 30% light to trends.   Fins, Energy and Materials weaker, while Consumer tries to rebound.   Asia was pretty mixed - Fast Retailing and Takata Weighed in Japan, Samsung up 2% helped Korea close green, Sensex was rejected from 27k, China off small, while Aussie hits new peaks as Telecom jumped.

Bunds and Treasuries are consolidating around yesterday’s highs into NFP – while that DXY is bouncing from 1M lows.  Eyes remain in China, where the Yuan was guided stronger at fastest pace in 10years.  Overnight CNH Hibor ripped higher again ahead of reserves data tonight, While Bitcoin is getting smoked for another 10%, bringing 2 day losses to 20%.  Euro weaker despite better retail sales #s, while Aussie Trade Numbers have the A$ on yesterday’s peaks.    Industrial commods are taking a breather, while Gold is retreating 40bp as the $ picks up.   Crude is up 1% as Saudi cuts output, While Natty Gas is down another 1% - bringing the week’s losses past 15%

 The day’s “Main Event” hits at 8:30, when the Change in Nonfarm Payrolls and US Trade Balance is released.  At 10am, we get Factory Orders and Durable Goods Orders – then we get our 1^st of 3 FOMC speakers as Fed's Evans Speaks on Economy and Policy at 12:15, followed by Fed's Lacker speaking at 1pm – right when the Baker Hughes Rig Count hits.   At 3:30 Fed’s Kaplan Speaks in Chicago – right when the “Commitment of Traders” data posts (May be delayed till Monday).   Down in Washington, At 1 p.m. we have a Joint session of Congress to count electoral ballots for president and vice president. All eyes will be on Foreign Reserves from China this weekend.

SEE ALSO: Want to get ahead on Wall Street? Here's everything you need to know to land your dream job

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NOW WATCH: Watch Yellen explain why the Federal Reserve decides to raise rates

China Done It! The People's Bank of China Meets BTCC.

The post Breaking: China’s Central Bank Weighs in on Bitcoin Price Rollercoaster appeared first on CryptoCoinsNews.

Here is what you need to know.

Friday is jobs day in America. The US economy is expected to have added 170,000 nonfarm jobs as the unemployment rate ticked up to 7.4%, according to a survey of economists by Bloomberg. Additionally, average hourly earnings are expected to have climbed 2.8% year-over-year. The data will cross the wires at 8:30 a.m. ET.

A new king of auto sales has been crowned in China. Honda saw sales surge 24% year-over-year to 1.25 million vehicles in 2016, surpassing its rival Toyota as the No. 1 automaker in China, Reuters says.

Australia's first recession in 25 years could be on hold. The country recorded a surprise trade surplus in November, the first since March 2014, and if repeated in December it is expected to add enough to fourth-quarter growth to prevent the country's first recession since 1991. The Australian dollar is little changed at .7341 against the dollar.

A 2nd Scottish referendum isn't happening. Prime Minister Nicola Sturgeon has abandoned her plans to hold a second referendum to keep Scotland in the European Union, saying she had accepted "reality." The British pound is down 0.3% at 1.2364 versus the dollar.

Bitcoin is crashing again. The cryptocurrency crashed by as much as 23% on Thursday, touching a low of $888.99 per coin before finishing the day near $968. Selling has picked back up Friday, with bitcoin lower by 13.5% at $886.

Frontier Airlines is planning to go public.The low-cost carrier has hired Deutsche Bank, JPMorgan, and Evercore to help with its initial public offering, The New York Times says.

There's finally some good news from the retail sector. Gap announced that sales at stores that have been open at least one year rose by 4% versus a year ago, compared with the 1.7% drop that analysts were anticipating, and raised its full-year profit forecast. Shares traded higher by as much as 10% in Thursday's after-hours session.

US mall vacancies were flat in the fourth quarter. Vacancies held at 7.8%, Reuters reports, citing data compiled by the market researcher Reis.

Stock markets around the world are mostly lower. China's Shanghai Composite (-0.4%) lagged in Asia, and France's CAC (-0.5%) trails in Europe. The S&P 500 is on track to open higher by 0.2% near 2,268.

US economic data is heavy. Aside from the jobs report, the trade balance will be released at 8:30 a.m. ET, and both factory orders and durable-goods orders will cross the wires at 10 a.m. ET. The Baker Hughes rig count will be announced at 1 p.m. ET. The US 10-year yield is up 1 basis point at 2.35%.

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Here is what you need to know. 

Friday is jobs day in America. The US economy is expected to have added 170,000 nonfarm jobs as the unemployment rate ticked up to 7.4%, according to a survey of economists by Bloomberg. Additionally, average hourly earnings are anticipated to have climbed 2.8% year-over-year. The data will cross the wires at 8:30 a.m. ET. 

A new king of auto sales has been throned in China. Honda saw sales surge 24 percent YoY to 1.25 million vehicles in 2016, surpassing rival Toyota as the number one automaker in China, Reuters says.

Australia's first recession in 25 years could be on hold. The country recorded a surprise trade surplus in November, the first since March 2014, and if repeated in December it is expected to add enough to fourth quarter growth to prevent the first recession since 1991. The Australian dollar is little changed at .7341 against the dollar. 

A second Scottish referendum isn't happening. Prime minister Nicola Sturgeon has abandoned her plans to hold a second referendum to keep Scotland in the European Union, saying that she has accepted "reality." The British pound is down 0.3% at 1.2364 versus the dollar. 

Bitcoin is crashing again. The cryptocurrency crashed as much as 23% on Thursday, touching a low of $888.99 per coin before finishing the day near $968. Selling has picked back up on Friday with bitcoin lower by 13.5% at $886. 

Frontier Airlines is planning to go public. The low-cost carrier has hired Deutsche Bank, JPMorgan, and Evercore to help with its initial public offering, the New York Times says. 

There's finally some good news from the retail sector. Gap announced sales at stores that have been open at least one year rose by 4% versus a year ago, compared to the 1.7% drop that analysts were anticipating, and raised its full-year profit forecast. Shares traded higher by as much as 10% in Thursday's after hours session. 

US mall vacancies were flat in the fourth quarter. Vacancies held at 7.8%, Reuters reports, citing data compiled by Reis.  

 Stock markets around the world are mostly lower. China's Shanghai Composite (-0.4%) lagged in Asia and France's CAC (-0.5%) trails in Europe. The S&P 500 is on track to open higher by 0.2% near 2,268.  

US economic data is heavy. Aside from the jobs report, the trade balance will be released at 8:30 a.m. ET and both factory orders and durable goods orders will cross the wires at 10 a.m. ET. The Baker Hughes rig count will be announced at 1 p.m. ET. The US 10-year yield is up 1 basis point at 2.35%. 

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Bitcoin is still falling against the dollar on Friday after losing more than a fifth of its value in trade on Thursday.

Bitcoin is down over 7% against to $944.14 at just after 9.30 a.m. GMT (4.30 a.m. ET), according to Markets Insider. That's down from over $1,100 earlier in the week.Bitcoin surged in the weeks running up to Christmas, battled volatility in the run up to New Year and first few days of 2017, before tanking on Thursday.

The exact reasons for the currency's rise and fall are unclear, but some commentators have suggested that the rise was caused by Chinese investors looking to move their money out of China ahead of a rumoured further devaluation of the renminbi. This theory is backed up by moves in the renminbi yesterday which coincided with bitcoin's plunge. The renminbi rallied 2.6% against the dollar, posting its biggest two-day gains ever.

Mati Greenspan, a senior market analyst at trading platform eToro, says in an email on Friday morning: "We can see a huge correlation between the two currencies with the USD/CNH often acting days or even months ahead of Bitcoin."

But he adds: "If we drill down, we can see that the $150 plunge that we saw in bitcoin actually came hours after the PBoC's nuke [data from the People's Bank of China that caused the renminbi to spike]."

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NOW WATCH: These are the best watches for under $400

Good morning! Here's what you need to know on Friday.

Every single sector of the British economy is now doing better than expected and has defied the forecasts of economists in December, according to the latest services PMI data from IHS Markit on Thursday. It completes a trilogy of much better than expected post-Brexit economic figures released this week, following strong growth in the manufacturing and construction sectors. The services sector — which includes everything from banking to waitressing — drew a reading of 56.2 in the month, that's compared with a 55.1 reading in December, and ahead of the flash estimate of 54.7.

Researchers at the University of Cambridge's Centre for Business Research say the Treasury's pre-referendum forecasts of the economic impact of Brexit were "pessimistic rather than realistic." Graham Gudgin and Ken Coutts of the University of Cambridge and Neil Gibson from the Ulster University Economic Policy Centre write in a recent paper that the Treasury's analysis is "found wanting" and has "little basis in reality."

The Bank of England's chief economist warned of a crisis in economics after Britain's vote to leave the European Union. "It’s a fair cop to say that the profession is to some degree in crisis," Haldane said in a speech on Thursday, citing the fact that there were shortcomings in the BoE's pre-Brexit predictions, saying that "the data has surprised to the upside."

The price of bitcoin crashed on Thursday. The cryptocurrency saw its value fall more than 20% at one point on the day, before staging something of a comeback and ending trade around 13% lower. Earlier this week, on its first trading day of the new year, bitcoin crossed above the $1,000 mark for the first time since 2013, but it has now tumbled below that level.

The appointment of Sir Tim Barrow as the UK's new ambassador to the EU was "vigorously opposed" by a senior figure within the Department for Exiting the EU. According to the Financial Times, which cites several officials close to the process, Olly Robbins, Dexeu's permanent secretary "attempted a land grab following the resignation of Sir Ivan Rogers from the Brussels post this week."

Sales surged for global automakers in China in 2016. That rise came as consumers rushed to buy cars to make the most of a tax incentive, with Honda seeing a particularly brisk pace of business ahead of Ford and Toyota. Toyota has traditionally led Honda in China — the world's largest auto market — but last year Honda sped past with a year-on-year sales growth of 24% to 1.25 million vehicles, helped by a steady stream of fresh models particularly in the hot sport-utility vehicle segment.

Shares in Toyota briefly plunged after President-elect Trump took aim at the Japanese carmaker. Trump tweeted his displeasure at Toyota on Thursday, threatening to impose taxes on the company if it produced its Corolla model in Mexico. "Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for US. NO WAY!" the president-elect tweeted. "Build plant in US or pay big border tax."

Mother nature may delay the release of the December US non-farm payrolls report, due Friday morning in America. According to Bloomberg, forecasts for snow in the Washington, D.C. area raise the possibility of a delayed opening for government agencies, potentially impacting the release of payrolls and trade data scheduled for 8.30am ET (1.30 p.m. GMT).

Regardless of any delay to the release, U.S. employers likely maintained a solid pace of hiring in December while raising wages. That puts the economy on a path to stronger growth and further interest rate increases from the Federal Reserve this year. Nonfarm payrolls probably increased by 178,000 jobs last month after a similar rise in November, according to a Reuters survey of economists. The unemployment rate is forecast ticking up to 4.7 percent from a nine-year low of 4.6 percent in November.

The incoming Trump administration may seek help from Congress to pay for a wall along the US-Mexico border, according to Republican lawmakers cited by Politico and CNN on Thursday. Such a move would break Trump's pledge that Mexico would pay for the wall, which was central to the president-elect's campaign.

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While bitcoin prices have had a crazy couple of days, they may have entered the eye of the storm late in the 5th January trading session.

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