- Reuters/Brian Snyder
Here is what you need to know.
China is looking into its options for the yuan. Senior Chinese officials are looking into the impact of using the yuan in trade negotiations with the US, in addition to what would happen if the currency were to be used to offset any losses caused by a trade war, people familiar with the matter told Bloomberg.
A huge shift is happening in markets – and it’s threatening to derail a favorite investor strategy. Bank of America Merrill Lynch argues investors should be applying a strategy called “sell any rip” at least for the duration of 2018.
The Russian ruble is getting slammed. The ruble trades down 2.5% at 59.5670 per dollar as sanctions announced Friday by President Donald Trump continue to weigh.
The top 1% is getting even richer. The world’s richest 1% of people will control close to two-thirds of all global wealth by the year 2030, according to a report produced by the House of Commons library, the research arm of the UK’s parliament.
A $675 million deal to buy New York City’s legendary Plaza Hotel using cryptocurrency is falling apart. The deal, involving a supposed $375 million cryptocurrency token offering, is not going as planned, people familiar with the situation tell Business Insider.
Deutsche Bank CEO John Cryan is out. Cryan is replaced by Christian Sewing, previously the bank’s deputy CEO and head of retail banking.
Zuckerberg is reportedly getting professional coaching so he doesn’t mess up his congressional hearing. Facebook has hired outside consultants, including a team from the law firm WilmerHale, to prepare CEO Mark Zuckerberg for his coming testimony to Congress, The New York Times says.
BlackRock will exclude gun manufacturers and retailers from its newest investment products. In a statement released last week, the world’s largest asset manager announced it would offer two new exchange-traded funds and a line of pension plans that do not include companies that manufacture or sell civilian firearms.
Tesla is recalling some Model S vehicles in China. The electric-car maker has announced it is recalling 8,898 Model S vehicles in China to replace bolts in the power-steering component, Reuters says.
Stock markets around the world are higher. Hong Kong’s Hang Seng (+1.29%) led the gains in Asia, and Germany’s DAX (+0.84%) is out front in Europe. The S&P 500 is set to open up 0.75% near 2,624.