Here is what you need to know.
China’s inflation slows. Data released by the National Bureau of Statistics showed consumer prices rose 0.2% in December, making for a 2.1% year-over-year gain. However, pork, a staple of the Chinese diet, saw its price rise 6.2% versus a year ago.
British stocks are on track to close in record territory for a 9th straight session. The FTSE trades up 0.4% at 7,264 and is on track for an 11th straight gain and 9th straight close in record territory. Over the course of the winning streak, the FTSE has tacked on about 3.2%.
The US dollar has clawed back its early losses. The US dollar index slumped to a low of 101.51 in overnight action, but now trades little changed near 101.85. A close below 101.52 would be the lowest for the greenback since the middle of December.
Valeant is selling assets. The embattled drugmaker announced it is selling three skincare brands to L’Oreal for $1.3 billion.
Marissa Mayer is resigning from Yahoo’s board.Mayer, Yahoo co-founder David Filo, and four other board members will step down once the Verizon merger goes through.
Yahoo will change its name after the Verizon merger. A Securities and Exchange Commission filing released on Monday showed that the part of Yahoo that’s left after the Verizon merger, Yahoo’s 15% of Chinese retail giant Alibaba and a part of Yahoo Japan, will change its name to Altaba once the deal is complete.
American Apparel has a new owner.Canadian apparel maker Gildan Activewear won the auction for failed retailer American Apparel with its bid of about $88 million, Reuters reports, citing a person close to the matter.
Snap has chosen to move its international headquarters outside the US. The parent company of Snapchat says its international headquarters will be located in the UK. “We believe in the UK creative industries,” Claire Valoti, general manager of Snap Group Limited in the UK, said in a statement. “The UK is where our advertising clients are, where more than 10 million daily Snapchatters are, and where we’ve already begun to hire talent.”
Stock markets around the world are mixed. Japan’s Nikkei (-0.8%) lagged in Asia and Germany’s DAX (+0.2%) leads the gains in Europe. The S&P 500 is on track to open little changed near 2,270.
US economic data is light. JOLTS Job Openings will be released at 10 a.m. ET. The US 10-year yield is higher by 1 basis point at 2.38%.
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