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REFINITIV
 
 
 
TUESDAY, JANUARY 19, 2021

 

For the full report including more on Top News, Analysis and Insight, click here


COMING UP - WEEK AHEAD
On the U.S. economic calendar, the Department of Labor is scheduled to release jobless claims data on Thursday. Initial claims for state unemployment benefits for the week ended Jan. 16 is expected to have dropped to 868,000, from 965,000 in the previous week. The Philadelphia Fed is likely to release its business conditions index for January on Thursday. It is expected to rise to a reading of 12 from 11.1 in December. On the same day, the Commerce Department is expected to release December data for housing starts. It is likely to rise to 1.560 million units from 1.547 million units in November. Data on building permits for December is also scheduled to be released. It is expected to dip to 1.604 million units from 1.635 million units in November. IHS Markit's manufacturing and services PMI data for January is expected to be released on Friday. It is likely to show a reading of 56.5 and 53.5, respectively, in January. On the same day, existing home sales numbers for December, which account for the bulk of U.S. home sales, is scheduled for release. It is likely to show 6.54 million units, a drop from 6.69 million units in November.

• Morgan Stanley on Wednesday reports fourth-quarter earnings that are expected to benefit from increased trading activity by clients. The bank is also expected to update on plans to resume share buy-backs.

• On Thursday, Intel Corp is expected to report a decline in fourth-quarter revenue. The chipmaker recently brought in VMware's Pat Gelsinger as the new CEO, looking for a way out of a manufacturing crisis that has cost its leadership in chip-making technology.


PROMOTION
LIVECHAT-GLOBAL MARKETS FORUM
Skytra CEO Mark Howarth and Chief Sales & Marketing Officer Elise Weber discuss the indexes they have developed for the airline industry, as well as what the industry can do to better hedge revenue volatility. (0600 ET/1100 GMT on Tuesday) To join the conversation, click here


To read more upcoming events, click here


U.S. TOP NEWS
JPMorgan trims loan reserves on hopes for recovery
JPMorgan Chase reported a better-than-expected profit in its fourth quarter as it released some of the cash it had built up against coronavirus-driven loan losses, although the bank cautioned that demand for loans was likely to remain sluggish this year. 

• Wells Fargo records rare profit beat as credit costs fall
Wells Fargo posted a small rise in quarterly profit that beat Wall Street estimates, as stabilizing credit costs helped buffer historic near-zero interest rates meant to prop up the ailing economy during the COVID-19 pandemic. 

• Goldman eyes deals to boost Marcus-sources
Goldman Sachs Group is considering acquisitions to bulk up its consumer banking unit Marcus, after the Wall Street firm slowed loan and deposit growth at its fledgling business last year in the wake of the coronavirus pandemic, three bank sources said. 

• Gloomy outlook hits Citi shares despite quarterly profit beat
Citigroup reported fourth-quarter profit that beat market expectations, but a downbeat revenue and expense outlook showed it will take more than a year for the emerging economic recovery to trickle through to the bank's bottom line. 

• EU states warn of risks to vaccination credibility as Pfizer slows supplies
European governments said the credibility of their COVID-19 vaccination programmes was at risk after U.S. pharmaceutical firm Pfizer announced a temporary slowdown of deliveries of its vaccines. 


To read more top news, click here


MARKET RECAP AT 4 pm ET

Stock indexes dropped, weighed by big U.S. banks after their earnings reports, while the energy sector was also dragged down by a regulatory probe into Exxon Mobil. Treasury yields fell on weak retail sales data. Demand for safe-haven currency pushed the dollar higher, while gold prices slipped. Oil plunged on demand concerns over lockdown in China.

To read more on markets, click here


COMING UP IN CANADA - ON MONDAY
Data for Canadian housing starts for December is scheduled for release. The seasonally adjusted annualized rate of housing starts rose to 246,033 units in the previous month.


CANADA TOP NEWS
France bars Carrefour bid as Canadians scramble to salvage $20 billion deal
France ruled out a possible $20 billion takeover of Carrefour by Alimentation Couche-Tard on food security grounds, prompting the Canadian firm and its allies to mounted a last-ditch attempt to salvage a deal. 

• Canadian home sales soar in December to cap record year, CREA says
Canadian home sales jumped 7.2% in December from November, setting a new record amid surging demand in the Greater Toronto and Vancouver areas, the Canadian Real Estate Association said. 



INSIGHT AND ANALYSIS
• Investors resigned to Trump's China ban, with Biden seen changing little
Financial executives are settling in for the long haul over the Trump administration's investment ban on Chinese securities, expecting the rules to be lasting but hoping to have more clarity after President-elect Joe Biden takes office. 

• FOCUS-Some U.S. nursing home residents face delays for COVID-19 vaccines despite extreme risk
A former Arkansas health official is sounding alarms about the pace of coronavirus vaccines being administered to residents of long-term care facilities under a U.S. plan that puts major pharmacy chains CVS and Walgreens in charge of many of the shots. 

• Biden's federal boost to vaccine rollout is critical to speeding inoculations
President-elect Joe Biden’s plan to boost the COVID-19 vaccine rollout, including by spending $20 billion to create mass vaccination centers, should help speed up putting shots into the arms of millions of Americans, experts and officials told Reuters. 



WEALTH NEWS
• COVID-19 pressures U.S. retail sales; manufacturing shines
U.S. retail sales fell for a third straight month in December as renewed measures to slow the spread of COVID-19 triggered job losses, further evidence that the wounded economy lost considerable speed at the end of 2020. 

• Fed to stick to super-easy policy amid economic 'lull'
The Federal Reserve has no plans to dial back its super-easy policy even as the incoming Biden administration lobbies for a new and massive round of stimulus that sets the economy up for faster growth once vaccines are fully rolled out.

• Trump administration takes final swipes at China and its companies
The Trump administration took another swipe at China and its biggest firms on Thursday, imposing sanctions on officials and companies for alleged misdeeds in the South China Sea and imposing an investment ban on nine more firms.

 Investors storm into alternative energy funds ahead of Biden presidency
Investors are rushing to invest in alternative energy funds this year on hopes of more green reforms, with President-elect Joe Biden set to take office next week.

• Mobile gaming firm Playtika's shares jump in Nasdaq debut
Shares of Israel-based mobile gaming company Playtika Holding Corp jumped in their debut on the Nasdaq, valuing the company at nearly $13.79 billion.

For the full report including more on Top News, Analysis and Insight, click here



(The Day Ahead – U.S. edition will not be published on Monday, January 18 as markets are closed for Martin Luther King, Jr. Day)​


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