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Top 5 Things to Know in the Market on Monday

EconomyFeb 11, 2019 12:42
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© Reuters. - Here are the top five things you need to know in financial markets on Monday, February 11:

1. U.S.-China Trade Talks Resume

A new round of U.S.-China trade talks begins in Beijing, after the most recent set of negotiations concluded in Washington last week without a deal.

Lower-level officials kicked off the meetings on Monday, led on the American side by Deputy U.S. Trade Representative Jeffrey Gerrish.

Higher principal-level talks will then take place Thursday and Friday with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The two sides are trying to hammer out a deal ahead of the March 1 deadline when U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25% from 10%.

2. U.S. Government Barrels Towards Another Shutdown

Political headlines will remain in focus as talks on border security funding collapsed after Democratic and Republican lawmakers clashed over immigrant detention policy as they worked to avert another U.S. government shutdown.

"The talks are stalled right now," Republican Senator Richard Shelby told "Fox News Sunday." He said the impasse was over Democrats' desire to cap the number of beds in detention facilities for people who enter the country illegally.

Democratic and Republican lawmakers in Congress have until Friday to agree on a budget deal to avert another partial shutdown of the federal government.

3. U.S. Futures Point to Upbeat Open

U.S. stock futures pointed to a higher open at the start of the trading week, as market players kept an eye on domestic and international political developments.

At 5:20AM ET (10:20 GMT), the blue-chip Dow futures were up 97 points, or about 0.4%, the S&P 500 futures tacked on 11 points, or around 0.4%, while the tech-heavy Nasdaq 100 futures indicated a gain of 36 points, or roughly 0.5%.

Elsewhere, European stocks were higher, with nearly all major bourses across the continent in positive territory. Among national indices, Germany's DAX and Britain's FTSE 100 were both up by more than 1%.

Earlier, shares in Asia closed mixed. The Shanghai Composite index jumped 1.3% as markets in China reopened after a week-long Lunar New Year break.

4. Last Big Week of 4Q Earnings Kicks Off

About 60 companies listed on the S&P 500 are set to report corporate results in what will be the last big week of the fourth-quarter earnings season.

Loews (NYSE:LOW), Diamond Offshore Drilling (NYSE:DO), Chegg (NYSE:CHGG), and Kemper (NYSE:KMPR) are on the agenda for Monday.

Other notable companies set to report this week include beverage giants Coca-Cola (NYSE:KO) and PepsiCo (NASDAQ:PEP); cannabis companies Canopy Growth (NYSE:CGC) and Aurora Cannabis (NYSE:ACB); and graphics-chip provider Nvidia (NASDAQ:NVDA).

Cisco (NASDAQ:CSCO), Deere (NYSE:DE), Under Armour (NYSE:UAA), Activision Blizzard (NASDAQ:ATVI), AIG (NYSE:AIG), Yelp (NYSE:YELP), TripAdvisor (NASDAQ:TRIP), Canada Goose (NYSE:GOOS), CBS (NYSE:CBS), and Twilio (NYSE:TWLO) will also provide updates.

Read more: 3 Stocks To Watch In The Coming Week: Coca-Cola (NYSE:KO), Nvidia, Cisco Systems: Haris Anwar

5. U.S. Dollar Hits 2019 High

Away from equities, the U.S. dollar pushed higher against its major rivals, hitting its best levels of the year, as lingering fears over the outlook for global growth drove appetite for safe-haven assets.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.2% at 96.62, a level last seen on Dec. 17.

It is headed for an eighth consecutive day of gains.

Meanwhile, in the bond market, U.S. Treasury prices slipped, pushing yields higher across the curve, with the benchmark 10-year yield rising to 2.64%.

No major economic reports are expected this morning. The highlight of this week's data releases will come Wednesday, when the U.S. Commerce Department publishes January inflation figures.

-- Reuters contributed to this report

Top 5 Things to Know in the Market on Monday

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