- Reuters / Denis Balibouse
Here is what you need to know.
Trump arrives in Switzerland to take ‘America First’ to the Davos elite. US President Donald Trump arrived in Zurich on his way to the Swiss ski resort of Davos for two days of events, including a speech Friday.
Billionaire investor Howard Marks says ‘unrealistic’ investors are getting desperate. In his year-end 2017 memo, the founder of the hedge fund Oaktree Capital says the lack of potential returns across asset classes has traders taking on uncharacteristic levels of risk.
Michigan State University’s president, Lou Anna Simon, announced resignation. Her resignation follows the sentencing of Larry Nassar, the former medical doctor accused of molesting more than 150 girls and women under the guise of medical treatment.
The Russia investigation is reaching a pivotal moment, and it looks as if it’s closing in on Trump. The special counsel Robert Mueller’s team reportedly questioned former FBI Director James Comey last year. Now all signs show that he may be homing in on President Donald Trump in an obstruction-of-justice inquiry.
Evan Spiegel loses a key lieutenant as Snapchat’s VP of product leaves tech altogether. Snapchat’s head of product, Tom Conrad, will leave the company in March, Snap Inc. confirmed.
The CEO of one of China’s biggest bitcoin companies endorses just 4 cryptocurrencies and says he ‘wouldn’t touch’ ICOs. BTCC CEO and founder Bobby Lee told Business Insider: “Unfortunately I’m very conservative, I’m very old school. I don’t touch altcoins, I don’t touch ICOs. It’s just too risky.”
JPMorgan CEO Jamie Dimon warns more than 4,000 UK jobs could go in a bad Brexit scenario. Cuts would come if the UK and the European Union failed to agree on some sort of regulatory equivalence in the financial services sector post-Brexit.
Stock markets around the world are mixed. China’s Shanghai Composite (-0.31%) decreased, while Germany’s DAX (+0.17%) rose. The S&P 500 is set to open up 0.3% near 2,849.
There’s a heavy slate of corporate earnings reports. 3M, American Airlines, Celgene, and Raytheon are set to report before the market open, while E-Trade Financial, Intel, and Starbucks will release results after the market close.
US economic data reports are due. Initial jobless claims will be release at 8:30 a.m. ET, while new-home sales will comes out at 10 a.m. The US 10-year yield is up 3 basis points at 2.65%.