The dollar has dropped to a six week low and gold is up. Markets and Oil prices remain under pressure. Pundits claim this is all due to USA trade protectionist policies. All eyes likely will be on Congress today with Russia and Supreme Court on the agenda.
Here is the current market situation from CNN Money
European markets are lower today with shares in Germany off the most. The DAX is down 0.30% while France's CAC 40 is off 0.27% and London's FTSE 100 is lower by 0.20%.
SAN FRANCISCO (Reuters) - Ride services company Uber Technologies Inc has been thrust deeper into turmoil with the departure of company president Jeff Jones, a marketing expert hired to help soften its often abrasive image.
LONDON (Reuters) - World stocks opened the week on a cautious footing on Monday after the G20's decision to drop a pledge to avoid trade protectionism, while the U.S. Federal Reserve's conservative rate guidance continued to push the dollar lower.
BEIJING (Reuters) - China's government has been seeking advice from its think-tanks and policy advisers on how to counter potential trade penalties from U.S. President Donald Trump, getting ready for the worst, even as they hope for business-like negotiations.
BADEN BADEN, Germany (Reuters) - Wary of their first official encounter with U.S. President Donald Trump's blustery trade agenda, the world's top finance officials were relieved to find new Treasury Secretary Steven Mnuchin polite and business-like over the weekend.
(Reuters) - U.S. electronic payments company MoneyGram International Inc has offered to share confidential information with peer Euronet Worldwide Inc , after the latter made a $1 billion acquisition offer, people familiar with the matter said.
ZURICH (Reuters) - UBS and its French subsidiary face a trial in France after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes.
SINGAPORE (Reuters) - Saudi King Salman's lavish tour of Asia, arriving in each country on a golden escalator with 400 tonnes of luggage, had a hardnosed marketing mission - to cement the kingdom's place as leading oil supplier to the world's biggest consumer region.
Today at 10am, the directors of the Federal Bureau of Investigation and National Security Agency will break their public silence and give keenly await testimony about their investigations into possible links between Russia and President Donald Trump's campaign at a rare open congressional intelligence committee hearing. They will also be grilled on Trump's explosive allegation that he was wiretapped by his predecessor Barack Obama.
Federal Bureau of Investigation Director James Comey and Mike Rogers of the National Security Agency will speak publicly for the first time about two issues that have riveted the American public for weeks and further divided the country's two ever-at-odds political parties. The stakes for Trump could hardly be higher according to AFP. Representatives Devin Nunes, chairman of the House of Representatives Permanent Select Committee on Intelligence, and Adam Schiff, the panel's top Democrat, have called Comey and Rogers to testify as part of their committee's probe into allegations that Russia meddled in U.S. elections. Other congressional committees also are investigating the matter, mostly behind closed doors. But amid a furor over whether Moscow tried to influence the 2016 presidential race on Trump's behalf, lawmakers said they would make public as much of their probes as possible.
Global markets start the week mixed with Asian stocks rising (Japan was closed for holiday), European stocks sliding, weighed down by declines in oil-and-gas shares and banks, and S&P500 futures also down. The dollar fell to a six-week low, falling four days in a row for the first time since early November as G20 leaders scrap a long-standing commitment to reject all forms of trade protectionism, suggesting the "weak Dollar" camp in Trump's inner circle is winning.
Equities retreated in Europe, Australia and New Zealand, as did S&P 500 Index futures. Japan's stock market was closed Monday for a holiday. Indexes rose in Hong Kong, Malaysia and Thailand. The Australian 10-year yield resumed a retreat after rising at the end of last week. The yen touched its strongest in three weeks, while the Korean won was the highest in five months. Oil fell for the ninth day in 11.
"European equity markets have started the week with a heavy risk-off sentiment after the G20 communiqué explicitly reflected U.S. intentions to establish trade protectionist measures," Ipek Ozkardeskaya, senior market analyst at London Capital Group, told Reuters. "As the world's number one economy is preparing to set significant barriers against the world, investors are increasingly worried," she said.
MSCI's broadest index of Asia-Pacific shares outside Japan rose almost 0.4 percent to hit its highest level in more than two years on Monday. As a result, MSCI's global benchmark equity index was little changed.
On Friday, Wall Street was flat to negative, dragged lower by bank shares that fell along with Treasury yields. Futures on the S&P 500 Index were down 0.1 percent. The underlying gauge rose 0.2 percent last week. The Stoxx Europe 600 index fell 0.2 percent. The FTSE 100 and Dax index were also both down 0.2 percent. Australia's S&P/ASX 200 Index and South Korea's ...
If the ECB scales back stimulus, banks face even greater risk of collapse. But now there's a new solution
Events are moving so fast in Europe these days, it's almost impossible to keep up. While much of the attention is being hogged by political developments, including the election in the Netherlands, Reuters published a report warning that the European banking sector may face even higher bad loan risks if the ECB begins to scale back its monetary stimulus programs, something it has already begun, albeit extremely tentatively.
The total stock of non-performing loans (NPL) in the EU is estimated at over 1 trillion, or 5.4% of total loans, a ratio three times higher than in other major regions of the world.
On a country-by-country basis, things look even scarier. Currently 10 (out of 28) EU countries have an NPL ratio above 10% (orders of magnitude higher than what is generally considered safe). And among Eurozone countries, where the ECB's monetary policies have direct impact, there are these NPL stalwarts:
That bears repeating: in Greece and Cyprus, two of the Eurozone's most bailed out economies, virtually half of all the bank loans are toxic.
Global banks are taking precautions in Mexico amid tighter anti-money-laundering regulations that have prompted some institutions to leave the market. The total number of foreignowned bank branches operating in Mexico fell 7.4 percent between 2011 and 2016, partially the result of stricter regulations. Meanwhile, the number of domestically owned branches grew 22.5 percent (see chart).
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