Bitcoin Hits New Record High

FTSE 100: -1.6% Monday, -16.9% YTD

FTSE 250: -0.7% Monday, -11.6% YTD

What to watch

Salesforce (CRM): Certain to be front and center of Salesforce’s earnings call today will reports that the firm is planning to acquire workplace messaging service Slack. If the deal is going ahead, how the company plans to integrate Slack into its other business software products, and the valuation placed on Slack after the firm’s mammoth share price run-up in 2020, will all be key. In its last quarterly results, Salesforce delivered a major earnings beat, and currently, Wall Street analysts lean heavily towards a buy rating on the stock. Year-to-date, Salesforce stock is up more than 50%, but it has fallen 12.6% over the past three months.

Hewlett Packard Enterprise (HPE): Not to be confused with personal computer maker HP Inc, HP Enterprise (the result of a 2015 spin-off) is a separate company that offers servers, cloud services, networking, and other services to businesses. HP Enterprise stock is down 30% in 2020 so far, despite booming demand for cloud services, as the company has been in perennial restructure mode and operates in markets where it faces stiff competition. Its supply chain has also been challenged by the pandemic, and the company is on the receiving end of businesses cutting back on IT spending. Wall Street analysts overwhelmingly favor a hold rating on the stock.

Mnuchin and Powell Congress testimony: US Treasury Secretary Steven Mnuchin and Federal Reserve chairman Jerome Powell will both appear before Congress today, they are expected to offer starkly different viewpoints on the state of the US economic recovery. Mnuchin is at the end of his tenure, with a new administration inbound, and in pre-released testimony on Monday hailed the progress made in the economic recovery so far. In his pre-released testimony, Powell struck a more cautious tone, pointing to surging Covid-19 cases in the US and abroad.

All data, figures & charts are valid as of 01/12/2020.

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