Here is what you need to know.
China’s FX reserves fall below $3 trillion. China’s foreign-exchange reserves slumped to $2.998 trillion in January, hitting their lowest level in almost six years, Reuters reports, citing People’s Bank of China data.
The IMF’s annual review of Greece has concluded. The International Monetary Fund’s annual review of Greece found that economic growth was likely to remain below 1% and that the debt-burdened country would most likely meet the preferred fiscal-surplus target of most IMF directors, Reuters says. Greece’s two-year yield is higher by 75 basis points at 9.29%.
The Reserve Bank of Australia thinks growth will pick up. Australia’s central bank held its key interest rate unchanged at 1.50% on Tuesday and said, “A return to reasonable growth is expected in the December quarter.” The Australian dollar is weaker by 0.6% at .7613 versus the dollar.
The head of New Zealand’s central bank won’t seek a new term. Graeme Wheeler announced on Tuesday that he wouldn’t seek a second five-year term when his term ends on September 26. “It was my intention, when I was appointed, to serve one term, and then to take on governance roles,” Wheeler said in a statement released by the Reserve Bank of New Zealand.
Apple pulled ahead of Samsung in smartphone shipments. Apple shipped 78.3 million units in the fourth quarter, surpassing Samsung for the first time in five years. Samsung shipped 77.5 million units, a number that was affected by its exploding-battery fiasco," which cost it $3 billion in lost sales.
Fitbit is facing a criminal investigation. The wearable-device maker is being accused by its rival Jawbone of stealing trade secrets, Bloomberg reports.
Teva Pharmaceutical's CEO steps down. Erez Vigodman announced on Monday that he was resigning effective immediately. He is being replaced on an interim basis by Yitzhak Peterburg, who has served as Teva's chairman of the board.
BNP Paribas is planning a transformation. The French bank plans to invest 3 billion euros ($3.2 billion) over the next three years to "build the bank of the future by continuing to grow the businesses and implementing an ambitious program of digital transformation, new customer experience, and cost savings."
Earnings reporting picks back up. General Motors and Michael Kors are among the names reporting ahead of the opening bell, while Buffalo Wild Wings, Walt Disney, and Yum China highlight the names releasing their quarterly results after markets close.
US economic data is moderate. The trade balance will be released at 8:30 a.m. ET before Jolts Job Openings and consumer credit cross the wires at 10 a.m. ET and 3 p.m. ET. The US 10-year yield is higher by 1 basis point at 2.42%.