Here’s what you need to know before the markets open.
1. Barclays CEO Jes Staley is being investigated by UK regulators over his ties to Jeffrey Epstein – ‘I wonder if he can survive this.‘ The bank’s board said Staley has been “sufficiently transparent with the company.”
2. ‘Why are you not Elon Musk?’: The new boss of an oil-and-gas titan isn’t leaving clean energy to Tesla. “I struggle enough with who I am,” BP CEO Bernard Looney replied.
3. Tesla is recalling 15,000 Model Xs because of a power-steering issue. Elon Musk’s electric-car maker made the call after noticing “excessive corrosion” on bolts in the vehicle model.
4. Alibaba beats quarterly revenue estimates. The Chinese online-shopping titan’s revenue rose 38% as its core e-commerce and cloud-computing businesses grew steadily.
5. Credit Suisse posts best profit since 2010 in Thiam swan song. The Swiss bank posted a 69% rise in annual net profit, days after CEO Tidjane Thiam quit over a spying scandal.
6. Nissan slashes full-year profit forecast, hit by sales slump. The Japanese automaker, still reeling from the scandal surrounding former boss Carlos Ghosn, cut its operating-profit forecast for this year by 43% after vehicle sales dropped.
7. Nestle expects growth this year after solid 2019. The Swiss food giant made the prediction after organic sales growth hit a four-year high of 3.5% and profitability improved in 2019.
8. Stocks tumble after Wuhan coronavirus cases and deaths surge to a new daily high. European equities slumped with Germany’s DAX down 1%, Britain’s FTSE 100 down 1.6%, and the Euro Stoxx 50 down 1.2%. Asian indexes closed lower with China’s Shanghai Composite down 0.7%, Hong Kong’s Hang Seng down 0.3%, and Japan’s Nikkei down 0.1%. US stocks are set to fall with futures underlying the Dow Jones Industrial Average and S&P 500 down 0.8%, and Nasdaq futures down 0.9%.
9. Some big earnings are due. Highlights include PepsiCo and Nvidia.
10. Key data is coming out. Figures for inflation and jobless claims are worth watching.
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