Here is what you need to know.
China’s trade surplus shrinks.Data released by China’s Customs Bureau showed the value of exports fell 6.1% year-over-year in US dollar terms while the value of imports slumped 3.1% YoY. As a result, China’s trade surplus narrowed to $40.82 billion in December from $44.61 billion in November.
Bank of Korea cuts its growth forecast. The central bank held its key interest rate at 1.25%, as expected, and lowered its 2017 growth forecast to mid-2% this year from its October forecast of 2.8%. The Korean won ended stronger by 0.8% at 1174.98 per dollar.
Anthony Scaramucci has a spot in the Trump White House. Scaramucci, the founder of the hedge fund SkyBridge Capital, has been named an assistant to President-elect Donald Trump, serving as a liaison to Wall Street, according to the Wall Street Journal.
Morgan Stanley lays off bankers and cuts bonuses.The investment bank laid off an undisclosed amount of senior bankers and slashed bonuses by 15% as a result of a decline in revenue generated by dealmaking, Reuters reports.
Nintendo tumbled after releasing its new gaming console. Shares of Nintendo tumbled 5.8% after the company officially released its new gaming console, the $299 Nintendo Switch.
Airbus takes the sales crown from Boeing. Airbus booked 321 net orders in December, running its 2016 total to 731 to beat the 668 orders won by Boeing.
Stock markets around the world are up. Japan’s Nikkei (+0.8%) outperformed in Asia and France’s CAC (+0.8%) leads the charge in Europe. The S&P 500 is set to open higher by 0.4% near 2,273.
3 big banks report. Bank of America, JPMorgan Chase, and Wells Fargo will release their quarterly results ahead of the opening bell.
US economic data flows. Retail sales will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.35%.
US markets are closed on Monday in observance of Martin Luther King Jr. Day. They will reopen on Tuesday.
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