Here is what you need to know.
- Revenue collapsed at the end of the year at Europe’s biggest bank, and it’s being blamed on Trump’s trade war.“Growth rates are certainly lower on the balance sheet; we are seeing a softening in the asset side,” HSBC CEO John Flint told the Financial Times. “Given the trade uncertainty, that’s not surprising, but, yes, we’re seeing a reduction in the rate of growth.”
- 2 of the biggest investors in SoftBank’s Vision Fund aren’t happy. Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Co. have invested almost two-thirds of the Vision Fund’s $US100 billion pledged capital and are unhappy with the valuations being paid to invest in some companies, The Wall Street Journal reports.
- Payless Shoesource is seeking bankruptcy protection.The discount-shoe retailer filed for Chapter 11 bankruptcy protection for the second time Monday, saying it would shutter all of its North American operations by the end of May, Reuters says.
- The world’s cooling love affair with cars is pushing the global economy toward a recession. Slowing new car demand in the US and Europe is having a big impact on global trade, according to analysts at HSBC.
- Young investors are bringing back one of Wall Street’s most trusted investing strategies. A Bank of America Merrill Lynch survey found advisers had 40% of their holdings in individual stocks in January, up from 37% a year ago.
- A plastic-surgery app backed by Tencent is going public. The Chinese cosmetic-surgery website SoYoung confidentially filed for a US initial public offering, Bloomberg says, citing people with knowledge of the matter.
- Honda is closing its UK plant. The Japanese automaker confirmed Tuesday that it was closing its Swindon vehicle-manufacturing plant – which produces 150,000 cars a year and employs about 3,500 people – in 2021 because of global market conditions.
- Stock markets around the world were mostly lower. China’s Shanghai Composite (+0.05%) eked out a gain in Asia, and Britain’s FTSE (-0.43%) trailed in Europe. The S&P 500 was set to open down 0.19% near 2,770.
- Walmart reports ahead of the opening bell. The retail giant is expected to earn $US1.37 a share on revenue of $US138.7 billion, according to analysts surveyed by Bloomberg.
- US economic data trickles out. The NAHB Housing Market Index will be released at 10 a.m. ET.
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