Here is what you need to know.
- The North Korea summit ends without a deal.President Donald Trump said the North Korea summit ended without a deal after Chairman Kim Jong Un wanted total sanctions relief without giving up enough nuclear sites.
- South Korean stocks get hit hard. South Korea’s Kospi fell 1.76% Thursday after talks between Trump and Kim broke down.
- Things are getting worse for China’s manufacturing sector.China’s manufacturing PMI fell to 49.2 in January, according to data released Thursday by the National Bureau of Statistics, its weakest since February 2016.
- America’s farmers have their most debt since the 1980s.Farmers are carrying $US409 billion of debt, the most since the farming crisis of the 1980s.
- The “Most interesting charts in the world” are out.Business Insider rounded up charts from 49 of the brightest minds on Wall Street.
- Apple’s cofounder is worried it’s falling behind on foldable phones. “Apple has been a leader for quite a long time in a few areas such as Touch ID, facial ID, and easy payment with the phone,” Steve Wozniak told Bloomberg. “They were the leader and everyone else had to follow, but they’re not the leader in areas like the folding phone, and that worries me because I really want a folding phone.”
- Square’s earnings guidance comes up short.The mobile-payments company said it sees adjusted earnings of $US0.06 to $US0.08 a share in the first quarter, missing the $US0.12 that analysts expected.
- L Brands’ struggles continue. The owner of Victoria’s Secret said total comparable sales fell 1%, driven by an 8% drop in store-only comps. Shares were lower by more than 6% early Wednesday.
- Earnings reporting remains heavy. Crocs, JD.com, and Sotheby’s report ahead of the opening bell while AMC Entertainment, Dell Technologies, Gap, Nordstrom, and VMware release their quarterly results after markets close.
- US economic data keeps coming. Initial claims and GDP will both be released at 8:30 a.m. ET before the Chicago purchasing managers index crosses the wires at 9:45 a.m. ET. The US 10-year yield was down 1.1 basis points at 2.67%.
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