AT&T Inc. (NYSE: T) is under political pressure to end its relationship with a China-based telecom company. According to Reuters:
U.S. lawmakers are urging AT&T, to cut all commercial ties to Chinese phone maker Huawei Technologies and oppose plans by telecom operator China Mobile to enter the American market because of national security concerns.
Despite speculation, Fiat Chrysler Automobiles N.V. (NYSE: FCAU) will not break itself into several companies. According to The Wall Street Journal:
CEO Sergio Marchionne said Monday he has no plans to sell its Jeep business or split up the company, cooling speculation but leaving the company’s long-term strategy unclear.
“Jumanji: Welcome to the Jungle” topped the box office last weekend. According to Box Office Mojo:
With an estimated $27 million, Sony’s holiday smash hit Jumanji: Welcome to the Jungle finished atop the weekend box office and is expected to deliver a four-day weekend approaching $34 million, which would push the film’s domestic cume near $290 million. Internationally, the film roared into China this weekend bringing in an estimated $40 million, pushing it’s worldwide cume to $667 million
Bitcoin’s priced collapsed. According to Bloomberg:
Bitcoin slumped by the most since September, giving new impetus to a January selloff in cryptocurrencies that coincides with rising scrutiny from regulators in many countries.
The largest digital coin fell 12 percent to $12,255 at 9 a.m. in London, the lowest level since Dec. 5, according to composite pricing on Bloomberg, bringing an end to its two-day rally. Bitcoin earlier was down as more than 40 percent from its record high in mid-December. Rival cryptocurrencies also tumbled, with Ripple diving as much as 28 percent.
Oil prices have surged to multiyear highs. According to Bloomberg:
Oil is extending a two-year rebound as the Organization of Petroleum Exporting Countries and its allies trim production to drain a global glut. While rising prices may boost U.S. output, Citigroup Inc., Societe Generale SA, and JPMorgan Chase & Co. predict supply curbs may be wound down from the middle of the year, before their scheduled end in December, as the market re-balances.
WTI for February delivery was at $64.43 a barrel on the New York Mercantile Exchange, up 13 cents, at 7:40 a.m. in London. There was no settlement Monday because of the Martin Luther King Jr. holiday in the U.S., and all transactions will be booked Tuesday. Futures closed at $64.30 on Friday, the highest level since December 2014.
Brent for March settlement lost 33 cents to $69.93 a barrel on the London-based ICE Futures Europe exchange after adding 0.6 percent on Monday to close at the highest since December 2014. The global benchmark crude traded at a premium of $5.59 to March WTI.
BP PLC (NYSE: BP) is still paying for the Deepwater Horizon disaster. According to CNBC:
BP said on Tuesday it expected to take a post-tax non-operating charge of around $1.7 billion in its fourth quarter results as part of the settlement of the deadly 2010 Deepwater Horizon spill in the United States.
BP said the Court Supervised Settlement Program set up in the wake of the disaster was now winding down.