Here is what you need to know.
China’s FX reserves fall below $3 trillion. China’s foreign exchange reserves slumped to $2.998 trillion in January, hitting their lowest level in almost six years, Reuters reports, citing People’s Bank of China data.
The IMF’s annual review of Greece has concluded. The International Monetary Fund’s annual review of Greece found that economic growth is likely to remain below 1% and that the debt-burdened country will likely meet the preferred fiscal surplus target of most IMF directors, Reuters says. Greece’s 2-year yield is higher by 75bps @ 9.29%
The Reserve Bank of Australia thinks growth will pick up.Australia’s central bank held its key interest rate unchanged at 1.50% on Tuesday and noted, “A return to reasonable growth is expected in the December quarter.” The Australian dollar is weaker by 0.6% at .7613 versus the dollar.
The head of New Zealand’s central bank won’t seek a new term. Graeme Wheeler announced on Tuesday that he won’t seek a second five-year term when his current term ends on September 26. “It was my intention, when I was appointed, to serve one term, and then to take on governance roles,” Wheeler said in a statement released by the RBNZ.
Apple pulled ahead of Samsung in smartphone shipments. Apple shipped 78.3 million units in the fourth quarter, surpassing Samsung for the first time in five years. Samsung shipped 77.5 million units, a number that was impacted by “Batterygate,” which cost it $3 billion in lost sales.
Fitbit is facing a criminal probe. The wearable device maker is being accused by its rival, Jawbone, of stealing trade secrets, Bloomberg reports.
Teva Pharmaceutical’s CEO steps down. Chief Executive Erez Vigodman announced on Monday that he is resigning effective immediately. He is being replaced on an interim basis by Yitzhak Peterburg, who has served as Teva’s chairman of the board.
BNP Paribas is planning a transformation. The French bank plans to invest €3 billion ($3.2 billion) over the next three years to “build the bank of the future by continuing to grow the businesses and implementing an ambitious programme of digital transformation, new customer experience, and cost savings.”
Earnings reporting picks back up. General Motors and Michael Kors are among the names reporting ahead of the opening bell while Buffalo Wild Wings, Walt Disney, and Yum China highlight the names releasing their quarterly results after markets close.
US economic data is moderate. The trade balance will be released at 8:30 a.m. ET before JOLTS Job Openings and consumer credit cross the wires at 10 a.m. ET and 3 p.m. ET, respectively. The US 10-year yield is higher by 1 basis point at 2.42%.