Here’s what you need to know before the markets open.
1.Tesla’s stock surge adds $13.5 billion to Elon Musk’s fortune, the biggest increase for anyone this year. Musk has climbed from 35th to 22nd in the Bloomberg Billionaires Index since the start of January.
2.‘This doesn’t sound right’: Mastercard’s CEO ditched Facebook’s Libra after multiple red flags. Ajay Banga dropped out due to concerns about compliance, making money, and Calibra digital wallets.
3.YouTube brought in $15 billion in advertising revenue in 2019 — 9 times more than Google paid to acquire the site 14 years ago. Alphabet, Google’s parent company, broke out YouTube’s advertising revenue for the first time ever on Monday.
4.China gave a rare admission of fault, admitting ‘deficiencies’ in its response to the Wuhan coronavirus that has now infected more than 20,000 people. The virus has infected more than 20,000 people and killed at least 425.
5.Ireland launches inquiry into Google’s handling of location data. The nation’s Data Protection Commission will look into whether Google has a valid legal basis to process the location data of its users and whether it meets its obligations as a data controller with regard to transparency.
6.China’s airlines told not to axe global flights as thousands cut. China’s civil aviation authority has urged domestic carriers to continue flying international routes despite a drop in demand due to the coronavirus outbreak.
7.Hedge funds hold their nerve on China, seek opportunities. “In a crisis, everyone feels the sky is falling. But the sky does not fall in the end,” one money manager said.
8.Global stocks arerallying.Asian indexes recovered some of their coronavirus losses: China’s Shanghai Composite rose 1.3%, Hong Kong’s Hang Seng rose 1.2%, and Japan’s Nikkei rose 0.5%. European equities climbed with Germany’s DAX up 1.2%, Britain’s FTSE 100 up 1.3%, and the Euro Stoxx 50 up 1.4%. US stocks are set to open higher with Dow Jones, S&P 500, and Nasdaq futures up 1% to 1.2%.
9.Some interesting data is coming out. Redbook figures for US retail sales and information on factory orders and business conditions are the highlights.
10.Earnings season rolls on. Disney and Sony’s results are among the highlights.