Good morning! Here’s what you need to know.
US companies scrambled to cope with the fallout from President Trump’s executive order on immigration. Google urgently called back employees from overseas and companies rushing to provide legal advice and assistance.
Tokyo stocks fell on Monday. A stronger yen weakened earnings outlooks for Japanese exporters, and as financial companies tumbled after data showed the US economy grew at a slower-than-expected pace in the fourth quarter.
French presidential hopeful Francois Fillon on Sunday hit back at allegations he paid his wife €500,000 ($540,000) for a suspected fake job. He told a packed rally his critics should “leave my wife out” of the election.
German Chancellor Angela Merkel slammed the restrictions on immigration imposed by US President Donald Trump. She said it was “not justified” to target people based on their background or religion.
A lot of European economic data is coming. At 10 a.m. we’ll get European Commission figures on business sentiment and consumer confidence.
Wall Street is uncertain how to bet on the President. “Wall Street’s already figured out that the recovery is in place, that the Fed is going to start getting aggressive. What they haven’t figured out yet is, exactly who is Donald Trump,” Robert Phipps, a director at Per Stirling Capital Management, told Reuters.
Merkel has an opponent. Leaders of Germany’s Social Democratic Party unanimously nominated former European Parliament President Martin Schulz to run against conservative Angela Merkel in a national election in September.
Chief Executive Officer Howard Schultz said that the company planned to hire 10,000 refugees over five years in 75 countries. This came two days after US President Donald Trump’s executive order banning refugees from certain countries.
Trump will meet his Japanese counterpart. Japanese Prime Minister Shinzo Abe said he and US President Donald Trump agreed to meet early next month for wide-ranging discussions, while confirming the importance of the bilateral alliance.
The ECB is probing an Italian bank. An inspection by the European Central Bank of Monte dei Paschi di Siena’s loan portfolio that had been due to conclude at the end of last year is still under way, a top official at the Bank of Italy told Reuters.