These are the most important news, in the financial markets, for today, in my opinion.
If you like to get a FREE daily update on financial markets just subscribe to my newsletter using the form below and follow me on social media.
Wall Street mostly higher, but Amazon drags tech down
Positive job data released on Friday lifted the DJ30 index, which posted a 6-week winning streak, joined by the SPX500. However, Amazon issued weaker-than-expected revenue guidance as part of its earnings report on Thursday, causing its stock to fall nearly 5.4% the next day, which led to a negative close for the NSDQ100 on Friday.
Google to report earnings today
Today Google parent Alphabet will post results after the close. The tech giant is expected to report earnings per share of $10.88 on revenue of $38.91 billion, according to estimates.
US shutdown and the border wall
The thing about the deal brokered to end the longest shutdown in U.S. history is that it was only a short-term funding extension – and the time that bought is rapidly running out. While the federal government has the money to keep operating until Feb. 15, House Speaker Nancy Pelosi said the committee working to resolve the stalemate needs to finalize the plan by this Friday to allow time for votes in Congress. That process risks being upended by President Donald Trump’s State of the Union address tomorrow which may include an emergency declaration to start building a border wall.
Bad news on Brexit
There were more signs of the pressure the uncertainty over Brexit is putting on businesses in the U.K. over the weekend when carmaker Nissan said it would no longer make its upcoming X-Trail model at its British plant, as had been previously announced. Construction industry data showed that the sector barely grew in January, with respondents to IHS Markit’s survey saying that clients were taking a “wait-and-see approach” before committing to new investments. Prime Minister Theresa May, meanwhile, has set up a working group to find a solution to the stand off over the withdrawal agreement that could prevent a hard exit on March 29.
Debenhams ‘to shut 20 stores this year’ putting 1,600 jobs at risk
The restructuring plan by the struggling high street giant, which has 166 shops in the UK and Ireland, would put up to 1,600 jobs at risk.
Eurozone CRISIS: Euro ‘staring over the precipice of a recession’, warns finance expert
THE eurozone is “staring over the precipice of a recession” as France and Germany’s economies dwindle and Italy is plunged into a recession, financial commentator David Buik has warned.
The eurozone economy recorded its joint-weakest growth in four years this week in the latest of the dreary economic data to hit the bloc. Italy officially announced on Thursday it had plunged into a recession, sparking fears it could have a crippling effect on the rest of the eurozone economies. Gross domestic product (GDP) in the 19 countries sharing the single currency rose by 0.2 percent for the final three months of 2018, meaning it was stuck on its slowest pace of growth since 2014.
Oil continues to climb
Despite trading mostly flat this morning, oil prices reached their highest levels seen so far this year, as the OPEC-led supply cut and US sanctions on Venezuela, continue to drive prices up.
Cryptocurrencies decline after weekend uptick: Despite showing some gains on Sunday, the cryptocurrency market reverted to losses over the past 24 hours, as all top 10 cryptos were in the red. At the time of writing, Bitcoin was down about 0.7%, dipping below the $3,500 mark.
More news on cryptocurrencies at http://cryptobreaking.com