Here is what you need to know.
Theresa May is aiming for a “Hard Brexit.” In a Sky News interview on Sunday, UK Prime Minister May said Brexit will be about “getting the right relationship” with the European Union and “not about keeping bits of membership.” The British pound is at a three-month low, down 0.9% at 1.2173 versus the dollar.
Beppe Grillo is changing his tune in Italy. The leader of Italy’s populist Five Star movement wants to end its euro-sceptic alliance with Britain’s UKIP party and enter into a pro-EU alliance, AFP says.
China spent around $72 billion defending the yuan in December. While China’s FX reserves fell by about $41 billion to $3.01 trillion, the amount of net capital outflows, and subsequent intervention from the PBOC, was nearly twice as much, Wei Li, China and Asia economist at Commonwealth Bank of Australia , wrote in a note to clients.
Goldman Sachs says there are 3 big risks for 2017. Goldman Sachs Chief Economist Jan Hatzius is optimistic for 2017, but said in a speech in London on Monday that trade protectionism, European politics, and China are the three risks to his outlook.
McDonald’s unloads its business in China. The fast food giant sold 20-year rights to the majority of its business in Hong Kong and China to Citic and Carlyle Group for up to $2.1 billion, Reuters reports.
The first iPhone was unveiled 10 years ago Monday. Check out Steve Jobs on-stage at the Macworld conference in 2007, announcing the first iPhone.
The Detroit auto show begins. The 2017 North American International Auto Show in downtown Detroit opens on Monday, and runs until January 22.
Stock markets around the world trade mixed. China’s Shanghai Composite (+0.5%) led in Asia and France’s CAC (-0.8%) lags in Europe. The Dow Jones Industrial Average is on track to open slightly lower near 19,945.
Earnings reporting is light. Apollo Education reports after markets close.
US economic data trickles out. Consumer credit will be released at 3 p.m. ET. The US 10-year yield is down 3 basis points at 2.39%.
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