Here’s what’s been happening on Wall Street overnight


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The government shutdown looks set to end – at least for a few weeks. The Senate cleared a key procedural hurdle on a deal to fund the government on Monday, taking a large step toward ending the federal government shutdown.

The deal will keep the government funded until February 8, rather than the February 16 deadline in the original House-passed funding bill that was rejected in the Senate on Friday. Read the latest on the government shutdown.

Biotech M&A is off to a blistering start in 2018, with two blockbuster deals announced on Monday: French drugmaker Sanofi spent $US11.6 billion to buy US hemophilia firm Bioverativ, and Celgene spent $US9 billion on cancer specialist Juno Therapeutics. It’s the second major acquisition this month for Celgene, with the deal making a $US9 billion bet on a new form of personalised cancer treatment that harnesses the body’s immune system.

The more than $US20 billion in pharma mergers and acquisitions on Monday means a windfall of as much as $US185 million in fees for four investment banks, with JPMorgan raking in the most from the deals.

In retail, Amazon’s grocery store of the future opens today, and it has no cashiers, no registers, and no lines. The store, called Amazon Go, doesn’t work like a typical Walmart or supermarket – instead, it’s designed so that shoppers will use an app, also called Amazon Go, to automatically add the products they plan to buy to a digital shopping cart; they can then walk out of the building without waiting in a checkout line.

Big investors are valuing homes with a method outlawed for everyone else after the housing crash – and the SEC is asking questions.

Here’s the latest in markets news:

There’s a huge gender component to income inequality that we’re ignoring, argues Pedro da Costa after reviewing the barrage of startling, depressing statistics in Oxfam’s new report on global inequality.

Morgan Stanley’s new managing director list is out – and you can read the names here.

And lastly, the World Economic Forum’s annual summit in Davos starts this week. Here are all the world leaders who are attending.

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