With markets set to commence their shortened week of trading on Tuesday, it does not look like a thrilling return to action after the long weekend.
Futures are in the red ahead of the market open, with investors behaving cautiously as they await the start of a week containing major earnings releases from the likes of Bank of America (NYSE: BAC), Netflix (NASDAQ: NFLX) and United Health (NYSE: UNH).
Meanwhile, oil prices have reached 7-year highs after violence in the Middle East has sparked concerns of supply shortages. Houthi rebels from Yemen attacked a fuel depot in the United Arab Emirates, though the depot's owner said this would not interrupt supply.
Finally, Key US data set for release on Tuesday includes the Empire State manufacturing index, which is an important metric of manufacturing activity.
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Here are a selection of the latest market headlines:
In a letter sent to the Biden administration, a slew of major airlines have warned that the imminent introduction of C-Band 5G technology could cause US commerce and travel to “grind to a halt”.
The signatories include American Airlines (NASDAQ: AAL), Delta Air Lines (NYSE: DAL), United Airlines (NASDAQ: UAL), Southwest Airlines (NYSE: LUV), JetBlue (NASDAQ: JBLU), UPS (NYSE: UPS) and FedEx (NYSE: FDX).
Verizon (NYSE: VZ) and AT&T (NYSE: T) are set to commence offering the new 5G mobile services on Wednesday.
Indian politicians are competing to attract Tesla (NASDAQ: TSLA) to begin operating in their regions. The company’s CEO Elon Musk tweeted on Friday that there were challenges for the company to overcome in the South Asian nation, with imported EV’s worth over $40,000 subject to 100% import duty.
Amazon (NASDAQ: AMZN) has backed down from its initial decision to block the use of Visa (NYSE: V) credit cards on its website in the UK.
Toyota (NYSE: TM) has warned it will miss annual production targets due to the continued shortage of semiconductors, with production targets for February alone being cut by 150,000 vehicles.
Most major cryptos have seen their prices decline over the last 24 hours, with Bitcoin (BTC) down by around 2% and Ethereum (ETH) more than 3% lower.
Rio de Janeiro’s mayor, Eduardo Paes, has announced plans for the city’s treasury to hold 1% of its money in cryptocurrency, while he also reportedly has plans to give citizens discounts if they pay their tax bills in Bitcoin.
Addressing the 2022 World Economic Forum’s annual conference in Davos, Indian Prime Minister Narendra Modi has called for the “global family” to synchronize its response to the emergence of cryptocurrency, calling moves made by single nations “inadequate”.
Asian market news:
Chinese property stocks enjoyed a particularly positive day of trading after the nation’s central bank surprised investors by slashing borrowing costs of its medium-term loans for the first time since April 2020.
Japanese retail holding company Fast Retailing (TYO: 9983), which owns clothing brand Uniqlo, climbed after it announced plans to hike its prices due to increased pressure from raw material and shipping costs.