Daily Market Update

Daily Market Update

Daily Market Update Oil continues to drop, Asian markets mixed
Oil remains central to the fears in the markets Wednesday with the price still edging lower. Asian markets have been mixed as investors choose to take profits and move towards safer havens. Further weak data from China exacerbated the situation with annual consumer inflation hitting a five-year low of 1.4 per cent. Europe’s shares closed on a two-week low yesterday with oil and other economic fears weighing heavily. Trading is expected to be sluggish again today. US futures are generally flat this morning; oil continues to trend lower; gold is up.
 
Today’s data
MBA Purchase Applications at 7am ET
Quarterly Services Survey at 10am ET
EIA Petroleum Report at 10.30am ET
Treasury Budget at 2pm ET
Cherokee, Costco and Men’s Wearhouse are among those reporting today.
 
No government shutdown as spending deal is reached
A deal has been reached on Congressional spending plans of $1.1 trillion which means there will be no government shutdown on Thursday. Final passage of the bill could take a day or two extra so there may be an extension of current funding in the short-term. Full details of the spending bill will emerge this morning but funding will be largely the same as this year.
 
Amazon staff lose Supreme Court battle
A Supreme Court judge has ruled that Amazon staff do not have to be paid for time spent waiting to be security-screened at their workplace. The case, brought by two workers against Integrity Staffing Solutions who hire staff for the retail giant, claimed that staff had to spend around 25 minutes a day waiting for screening and that they should be paid for that time. Federal law states that workers do not have to paid for time spent before or after a shift that is not ‘integral’ to the work. A federal appeals court had found in favor of the workers but yesterday’s decision by the Supreme Court overruled it.
 
Standard Charter to face extended scrutiny
Standard Charter could face up to three years of scrutiny following its breach of sanctions on Iran and other countries. The regulators will keep a close eye on the bank to ensure compliance in future. A new investigation is underway and the bank has said that it is cooperating with the regulators on the latest issues.
 
Auditor finds $6 billion in child tax credits overpayments
Payments of at least $6 billion were made last year by the Internal Revenue Service last year to people who should not have received them. Auditors have found that child tax credits were paid to people who had mistakenly claimed the wrong amounts or should not have claimed at all.
 
The best place to work is...
Google has ranked number one in a list of the best places to work in the US. The Glassdoor Best Places to Work survey has put the internet giant at the top of the list for the first time in the seven year history of the report following Google’s enhanced benefits package for staff. Facebook ranks at 13 and Apple is at 22 but Twitter has dropped out of the top 50 altogether this year. See the full report.