Market Snapshot
Asia Markets: Japan +1.2% to 18199. Hong Kong +0.2% to 24832. China closed. India +0.6% to 29320.
European Markets: London +0.1%. Paris +0.9%. Frankfurt +0.5%.
Futures: Dow +0.1%. S&P -0.1%. Nasdaq +0.1%. Crude +0.3% to $53.71. Gold -0.3% to $1204.80.
Ten-year Treasury Yield: +12 bps to 2.14%
Economic News
8:30 Producer Price Index
8:30 Housing Starts
9:15 Industrial Production
2:00 PM FOMC minutes
Key earnings before the open
ACC, AGIO, ALE, CRY, GPC, GT, LECO, MDT, MGM, MNTA, NHI, PES, QSR, TGH, TTS, USAC, VDSI, VNR, WLT, WM, WRI, WWW
Key earnings after the close
ABX, ACT, AMTG, ARII, ARRS, ASGN, AVG, AXLL, BGS, BJRI, CAR, CDE, CSLT, CVG, CW, CYNI, DENN, DTLK, ELNK, EOG, EQC, ETE, ETP, EXAM, FNF, HSTM, HT, IAG, IPI, KEG, KEYW, LHO, LOPE, MANT, MAR, MHLD, MIC, MRO, NVMI, OGS, OIS, PAAS, PCYC, PKD, REXX, RGP, SBRA, SCTY, SIX, SNPS, SSS, STR, SUN, SUNE, SXL, TERP, THRX, TILE, TRN, TS, UAM, WES, WGP, WMB, WPZ, XPO, YUME
This Morning
Markets move lower this morning on a raft of disappointing domestic economic data, including softer-than-expected housing and inflation reports and lower industrial production numbers. Despite the weakness, the markets could find their footing later today as minutes from the Federal Reserve’s January meeting come due.
Overseas, global stocks largely advanced last night, fueled by optimism that Greece may request an extension of its loan agreement today for up to six months. The terms of any extension are still vague however, as both sides seem determined not to compromise over the loan’s conditions.
As anticipated, the BoJ announced the continuation of its massive ¥80T annual stimulus program. Data earlier this week confirmed that the country pulled out of recession in the fourth quarter of last year, although annualized growth rate was much weaker than expected.
The U.S. has accused Russia of violating the ceasefire in Ukraine, amid reports that some Ukrainian troops are pulling out of Debaltseve after separatist forces fought their way into the key railway junction on Tuesday.
Bank of England officials voted unanimously to leave the central bank’s benchmark interest rate unchanged at 0.5% this month and the stock of assets purchased under its bond-buying program unchanged at £375B.
Stock News
Actavis PLC (ACT) raises its profit guidance for 2015.
Bank of America (BAC) has reportedly cut CEO Brian Moynihan’s pay by 7% in 2014 to $13M, as its full-year profit fell 58% on higher legal settlements.
The Swiss government says it plans to submit tougher capital requirements for UBS (UBS) and Credit Suisse (CS) by year-end, ensuring the banks are not too big to fail.
BNY Mellon has restated its Q4 results it announced in January, taking a $598M litigation charge that suggests it is on course toward a settlement of cases, including a three-year-old forex lawsuit filed by the DOJ. The adjustment lowers net income for the year by about a fifth, to $2.5B, and cuts quarterly profit from $807M to $209M.
Boston Scientific (BSX) settles its $7.2B lawsuit with Johnson & Johnson (JNJ) for $600M. JNJ had sought damages following BSX’s merger with Guidant, the drug manufacturer of breaching their merger agreement.
China may merge its state-owned oil companies to create giants that will be more efficient and capable of taking on big overseas rivals. One plan combines the country’s two largest oil companies, CNPC (PTR) and Sinopec (SNP), while other options include merging Cnooc (CEO) with Sinochem.
Hilton Worldwide Holdings Inc. (HLT) says fourth-quarter adjusted earnings rose to 17 cents, slightly below Street estimates.
Snapchat is rumored to be looking to raise as much as $500M at a valuation “as high as $19B, which would make it the third-most-valuable VC-backed startup, behind Xiaomi and Uber.
Rackspace Hosting Inc. (RAX), -1.64% posts a sharp increase in profit, but predicted first-quarter revenue will be below Wall Street estimates.