Here is what you need to know.
- The government shutdown reaches a 32nd day. The shutdown could cost US GDP in excess of $US6 billion – more than President Donald Trump is asking for the wall – by the end of this week, according to an estimate from Beth Ann Bovino, the chief US economist for S&P Global.
- The IMF lowers its global-growth forecast. The IMF lowered its global-growth forecast for the second time in three months Monday, saying the world economy will grow at a 3.5% year-over-year rate in 2019 and 3.6% in 2020, down from its previous projection of 3.7% and 3.8%
- China’s economy grows at its slowest pace in a decade. The Chinese economy grew at a 6.4% YoY clip during the final three months of 2018, its weakest pace since Q1 2009, China’s National Bureau of Statistics said Monday.
- The world’s ‘economic canary in the coal mine’ falls off a cliff. South Korea exports plunged 14.6% year-over-year during to $US25.7 billion during the first 20 days of the year, according to data released Monday by the Korea Customs Service. That compares to an increase of 1% during the same period in 2018.
- The world’s CEOs are getting more worried about the state of the global economy. PwC’s annual global CEO survey released Monday showed 30% of respondents were projecting global economic growth to decline in 2019 – up from just 5% one year ago.
- UBS misses expectations. The Swiss bank earned a $US690 million pre-tax profit in the fourth quarter, missing expectations, as its wealth-management and investment-banking businesses slowed, Reuters reports.
- Bail was denied for Nissan’s former chairman.Carlos Ghosn, the former chairman of Nissan Motor Corp. who has been charged for under-reporting his salary for eight years, will remain in a Tokyo jail after his request to wear an electronic ankle tag was denied, according to Reuters.
- Stock markets around the world were lower. China’s Shanghai Composite (-1.18%) led the losses in Asia and Britain’s FTSE (-0.58%) trails in Europe. The S&P 500 was set to open down 0.74% near 2,651.
- Earnings reporting heats up. Halliburton and Johnson & Johnson report ahead of the opening bell while IBM releases its quarterly results after markets close.
- US economic data trickles out. Existing home sales will cross the wires at 10 a.m. ET. The US 10-year yield is down 2.9 basis points at 2.76%.
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