Here is what you need to know.
- ‘Grinch-like’ US stocks are on course for their worst December since the Great Depression. The S&P 500 has fallen 7.8% this month, and is on track for its worst December since 1931 – when it lost about 15% during the throes of the Great Depression.
- Credit Suisse is telling its wealthiest clients to move their money out of the UK ahead of Brexit. The bank has contacted its ultra-weathly clients and told them to finish moving their assets out of the UK ahead of the vote on Prime Minister Theresa May’s Brexit deal in January, according to The Financial Times.
- Oil hits its lowest level in over a year. West Texas Intermediate crude oil was down 3% at $US48.38 a barrel, and trading at its lowest level since September 2017.
- Bitcoin’s collapse started one-year ago Tuesday.The cryptocurrency put in a record high of $US19,511 on December 18, 2017. It has since fallen by more than 80%.
- Investors are giving up on a popular stock-market hedge.The practice of shorting the biggest and best-performing companies is slowing down as investors turn to new ways to hedge.
- CBS’ board denies former chairman Les Moonves his $US120 million severance pay. “We have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company’s investigation,” CBS’ board said in a statement Monday. “Mr. Moonves will not receive any severance payment from the Company.”
- Oracle beats. Oracle reported adjusted earnings of $US0.80 a share on revenue of $US9.56 billion, edging out the $US0.78 and $US9.52 billion that analysts surveyed by Bloomberg were expecting.
- Stock markets around the world are mostly lower. Japan’s Nikkei (-1.82%) lagged in Asia and Britain’s FTSE (-0.41%) leads the losses in Europe. The S&P 500 is set to open up 0.63% near 2,562.
- Earnings reporting remains light. Darden Restaurants reports ahead of the opening bell while FedEx and Micron Technology release their quarterly results after markets close.
- US economic data trickles out. Housing starts and building permits will both cross the wires at 8:30 a.m. ET. The US 10-year yield is down 3 basis points at 2.82%, its lowest since August.
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