Daily Market Update

Daily Market Update

Daily Market Update Markets await ECB announcement
Global markets are waiting to see how far Europe’s central bank will go to ease the weakness in the region’s economy when it meets today. Analysts expect that the ECB will announce a government bond-buying program to inject around $700 billion in total into the Eurozone with monthly purchases starting in March. The expectation is that the program would last at least 12 months. Asian markets have closed with gains and most European indexes are also mostly higher. US stock futures are trending higher while gold and oil are both lower.
 
Today’s data
Jobless Claims at 8.30am ET
ECB Press Conference at 8.30am ET
FHFA House Price Index at 9.00 ET
Bloomberg Consumer comfort Index at 9.45am ET
EIA Petroleum Status Report at 11.00am ET
Starbucks, Southwest Air and Verizon are among those reporting today.
 
Ebay, AmEx job cuts
Ebay and American Express have both announced job cuts. The online auction firm says it will cut around 7 per cent of its workforce in this quarter, that’s around 2,400 jobs. The cuts are despite a rise in revenue but the company says it needs to simplify its operations ahead of the spin-off of its PayPal business. At American Express 4,000 jobs will go as the company aims to improve operating efficiencies. It says that the figure is an estimate and that there may be more cuts following a review of its international business.
 
Barclays boss says bank is co-operating with investigation
The chief executive of Barclays Bank says it is co-operating with the investigation into electronic trading operations known as ‘dark pools’. The comments, made at the World Economic Forum in Switzerland, were in response to claims by the New York Attorney General that the bank has ignored subpoenas against two of the bank’s executives. Antony Jenkins says that the bank has “robustly responded” to the allegations made against it.