05 February – 09 February

05 February

Turkish inflation is showing signs of coming back into line, with the year-on-year pace easing to 10.35 per cent in January, the country’s statistics office said on Monday, down from 11.92 per cent in December.

Hisssss. That is the sound of more air coming out of the bitcoin bubble. The most widely-traded cryptocurrency fell on Monday by as much as 8.1 per cent to $7,524, its lowest level since November 18, 2017, according to Reuters data tracking pricing on the Bitstamp trading venue.

Bristol-Myers Squibb said a key trial for a lung cancer drug had been a success, providing some good news after changes to US tax laws saw the company report a net loss in its fiscal fourth quarter.

Japanese equities slid at the open on Monday following the biggest daily fall on Wall Street since September 2016 on Friday, the steepest loss of the Trump Presidency.

06 February

Europe followed Asia and Wall Street sharply lower on Tuesday, after US equity markets suffered their worst fall in more than six years on concerns that a strong American economy meant rising inflation.

The high-stakes trial between Waymo and Uber over self-driving cars kicked off on Monday in San Francisco, with new evidence showing that Uber believed the technology at the centre of the case was worth up to $3.9bn.

Archer Daniels Midland reported sharply higher profits in the fourth quarter, as the benefits of US tax reform overcame weaker operating performance at the global grain merchant and processor.

After powering its way to a fresh post-Brexit high of $1.4346 last month, sterling is on the backfoot once again, briefly dropping below the $1.40 mark on Monday.

07 February

The US trade deficit grew 12.1 per cent to its highest level since 2008 in Donald Trump’s first year in office, suggesting that the president is making little headway in his promise to rewrite America’s trading relationship with the world.

Rio Tinto has declared the biggest dividend in its history and said it will top up a share buyback programme as profits rose on the back of higher commodity prices and cost cutting drive.

Shares in Snap, the company behind Snapchat, rose more than 38 per cent on Wednesday, as at least five analysts upgraded the stock on hopes that it will be able to compete in a digital advertising market dominated by Google and Facebook.

Brazilian stocks are proving to be a rare bright spot for investors on Tuesday, with the country’s benchmark Bovespa index bucking the turmoil in the wider market to charge decisively higher.

08 February

China’s export growth bested expectations in January as the value of imports vastly exceeded forecasts thanks in part to the timing of the Lunar New Year and a recovery in oil prices from a year earlier.

A quarterly earnings beat for iRobot, the maker of consumer robots including the Roomba vacuum, was soiled by a 2018 profit outlook that failed to win over investors.

Shares in Danish telecoms operator TDC leapt after the company received an unsolicited bid from three pension funds and Macquarie.

And we’re back in the red. European stocks opened solidly lower on Thursday, offsetting some of the sharp gain that was logged in the previous session.

09 February

The Bank of England always expected that Britain’s low levels of unemployment would sooner or later see wages start to rise and feed through into rising prices.

Nvidia is up as much as 12 per cent in US pre-market trading after beating expectations and raising guidance for a tenth consecutive quarter. The graphics card maker cited continued strength in gaming and an acceleration of its datacentre business, as well as pent-up demand as gamers compete with cryptocurrency miners for supply.

H&M used to boast about its reticence with shareholders. The Swedish purveyor of cheap chic declined to do roadshows and any investor or analyst had to visit to Stockholm to talk management.

Some investors are creeping back to the “short vol” trade that wiped out several financial instruments earlier this week, betting that stock market volatility will fall once again.