US President elect Donald Trump plans to rework the visa system used by engineering and technology firms

App uses Trump tweets to predict stock performance

Image credit: Reuters

An app dispatching alerts to stock traders based on Donald Trump's tweets has been created by a London-based fintech start-up.

The app by Trading.co.uk filters out those tweets that might affect the value of specific stock.

Donald Trump’s irreverent outbursts on Twitter have previously caused the shares of some pharmaceutical companies as well as aerospace giants such as Lockheed Martin and Boeing to lose value.

“It is impact analysis,” explained Trading.co.uk chief Gareth Mann. “We can let you know when Trump tweets. We can let you know when he mentions a particular stock, or when he mentions a stock and a country. But if he just says he’s riding on a Boeing 747 the system will do nothing.”

The app uses an artificial intelligence algorithm to detect messages with the potential to affect markets.

Keeping one eye on the new US President’s personal Twitter feed has become a regular pastime for the fund managers and traders who invest billions of dollars daily on world stock, currency and commodity markets.

That plays to the growing group of technology start-ups that use computing power to process millions of messages posted online every day and generate early warnings on when shares are likely to move.

Ahead of the president elect’s inauguration on Friday, indications have come that the upcoming administration might be softening on the issue of climate change. Rick Perry, a known climate sceptic, whom Trump chose to head the US Energy Department, said during a Senate confirmation hearing on Thursday that global warming caused by humans is real. Previously, Perry referred to climate change science as a ‘contrived, phoney mess’. However, the former governor of Texas added that fighting the climate change should not cost American jobs.

“I believe the climate is changing. I believe some of it is naturally occurring, but some of it is also caused by man-made activity,” Perry said. “The question is how do we address it in a thoughtful way that doesn’t compromise economic growth, the affordability of energy or American jobs.”

Perry’s three-and-a-half-hour hearing before the Senate Committee on Energy and Natural Resources was one of the shortest and least contentious in a long list of sessions to vet Trump Cabinet nominees since last week. The committee has not yet scheduled its vote on Perry’s nomination.

As energy secretary, Perry, 66, would oversee a substantial chunk of Trump’s energy portfolio. He would lead a vast scientific research operation credited with helping trigger a US drilling boom and advances in energy efficiency and renewable energy technology, and would also be in charge of maintaining the United States’ nuclear weapons arsenal.

Trump has promised to bolster the US oil, gas and coal industries, in part by undoing federal regulations curbing carbon dioxide emissions. He has also suggested pulling America out of a global climate change pact signed in Paris in 2015, calling it expensive for US industry.

The US Energy Department has until now been mostly led by respected scientists. Perry, on the other hand, is expected to represent the interests of the industry.

Perry recently resigned from the board of directors of Energy Transfer Partners LP, the company building the Dakota Access Pipeline opposed by Native Americans and environmentalists.

During the hearing, Democrats on the committee expressed worry that Perry would weaken the Energy Department’s functions and potentially target its army of scientists focused on climate research.

Perry said much of his focus running the department would be on renewing the US nuclear weapons arsenal. More than half of the department’s $32.5bn budget goes to maintaining nuclear weapons and cleaning up nuclear waste.

Perry said he was generally supportive of a state’s right to block the siting of nuclear waste dumps, like Yucca Mountain in Nevada, but fell short of ruling out the federal government’s power to impose them over state objections in some cases.

Nuclear waste disposal is one of the top hurdles to growth in the US nuclear power industry.

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