Here is what you need to know.
Yellen heads to Capitol Hill. Fed Chair Janet Yellen will appear before the Senate Banking Committee on Tuesday for her semiannual Humphrey-Hawkins testimony. She moves over to the House Financial Services Committee on Wednesday.
Mnuchin is confirmed. By a vote of 53 to 47, almost completely down party lines, former Goldman Sachs banker and hedge fund manager Steven Mnuchin was confirmed as the new secretary of the Treasury.
Eurozone GDP misses. The eurozone’s economy expanded at a 0.4% rate in the fourth-quarter, data provided by Eurostat showed. That was below the 0.5% that economists were anticipating. The euro is up 0.3% at 1.0630 against the dollar.
China’s inflation is heating up. Consumer prices in China rose 2.5% year-over-year, seeing their fastest increase since May 2014, data released by the National Bureau of Statistics showed. Meanwhile, producer prices surged 6.9% YoY, posting their largest increase since August 2011.
GM’s Opel and Peugeot are in merger talks.A deal could be announced within days, Reuters reports, citing two sources with knowledge of the matter.
Toshiba had a messy earnings release. The beleaguered company missed its earnings release then announced results that were not yet approved by auditors, Reuters says. The result was a $US6.3 billion writedown that wipes out shareholder equity. AS a result, Toshiba’s chairman, Shigenori Shiga, announced his resignation.
Credit Suisse announced a big loss. The bank lost 2.35 billion Swiss francs ($US2.34 billion) when taking into account the $US5.3 billion settlement with the US Justice Department tied to its dealing in mortgage-backed securities in the period leading up to the financial crisis.
Stock markets around the world trade mixed. Japan’s Nikkei (-1.1%) led the losses in Asia and Spain’s IBEX (+1.1%) paces the gains in Europe. The S&P 500 is on track to open down 0.1% near 2,326.
Earnings reports roll out. Molson-Coors and T-Mobile are among the companies reporting ahead of the opening bell while AIG and Express Scripts highlight the names releasing their quarterly results after markets close.
US economic data is light. PPI will be released at 8:30 a.m. ET. The US 10-year yield is little changed at 2.44%.
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