The daily business briefing: February 1, 2016
Japanese stocks add to gains after surprise stimulus, Aetna earnings beat Wall Street's expectations, and more
- 1. Japanese stocks add to gains after surprise stimulus
- 2. Aetna earnings beat Wall Street's expectations
- 3. Greece's lenders to review progress on economic reforms
- 4. Barclays and Credit Suisse to pay millions over 'dark pools'
- 5. Alphabet's earnings could push Google's parent company past Apple
1. Japanese stocks add to gains after surprise stimulus
Stocks in Japan gained nearly 2 percent on Monday, adding to a 2.8 percent surge on Friday after the Bank of Japan surprised investors by cutting a key interest rate below zero to boost the world's third largest economy. Disappointing manufacturing data caused China's Shanghai Composite Index to drop by 1.8 percent. In the U.S., stock futures edged lower after closing last week with their biggest gains in five months to end the worst January in years.
2. Aetna earnings beat Wall Street's expectations
On Monday Aetna, the nation's third largest health insurer by enrollment, reported a fourth-quarter profit that beat analysts' expectations. The Connecticut-based company reported net income of $321 million, or 91 cents a share, up from $232 million, or 65 cents a share, last year. Operating earnings were $1.37 a share, beating expectations of $1.21 a share, thanks to reduced spending on medical care. Aetna's stock has fallen 6 percent this year, although it is up 11 percent over the last 12 months.
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3. Greece's lenders to review progress on economic reforms
Greece's lenders, the International Monetary Fund, and the euro-zone bailout fund are due to start a review on Monday into the debt-burdened nation's progress in implementing economic reforms required under its third bailout. "The first phase will last a few days as there will be a break at the end of next week, after which the institutions will return to conclude the negotiations," a finance ministry official said. Athens is counting on a speedy positive review to lift economic confidence and pave the way for new debt-relief talks.
4. Barclays and Credit Suisse to pay millions over 'dark pools'
Barclays and Credit Suisse are expected Monday to agree to make record multi-billion-dollar payments to settle allegations by regulators that they misled investors on how they managed their private trading platforms. Barclays will pay $70 million to New York state and the U.S. Securities and Exchange Commission, according to a source familiar with the negotiations. Credit Suisse is expected to pay $84.3 million. The cases center on whether the banks told clients enough about the functioning of their dark pools —privately run stock-trading venues in which the size and price of orders are not visible to other traders.
5. Alphabet's earnings could push Google's parent company past Apple
On Monday Google's parent company, Alphabet, makes its first quarterly earnings report since the company's restructuring, potentially revealing its core businesses and other ventures. Google's report could vault it past Apple to become the world's biggest company in terms of market capitalization. At the end of last week, Apple was worth $539.7 billion, compared to Alphabet's $511 billion. Apple lost some ground after it announced the first quarterly sales decline for iPhones since they debuted in 2007.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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