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Morning Brief: Spotify’s IPO is about to disrupt Wall Street

Tuesday, January 16, 2018

What to watch today

Earnings season heats up as traders and investors return from a long, three-day weekend. Citigroup (C), UnitedHealth (UNH), and CSX (CSX) are among the big names announcing Q4 financial results. Any comments on the impact of tax reform will be of particular interest.

The economic calendar is pretty quiet. The Empire State Manufacturing Index is scheduled to be released at 8:30 a.m. ET, and economists are look for growth in this measure of regional activity.

Top news

Spotify’s IPO is about to disrupt Wall Street: Spotify AB upended the world of music with its popular streaming service. Now it is threatening to do the same to Wall Street. Banks working on Spotify’s unusual public share listing stand to collect a fraction of the fees underwriters typically charge in big IPOs, in a blow to the already beleaguered stock-selling business. [The Wall Street Journal]

Bitcoin slides on crackdown fears; crypto rivals also plunge: Bitcoin (BTC-USD) tumbled 18% on Tuesday to a four-week trough close to $11,000, after reports that a ban on trading of cryptocurrencies in South Korea was still an option drove fears of a wider regulatory crackdown. Bitcoin’s slide triggered a massive selloff across the broader cryptocurrency market. [Reuters]

SoftBank considers IPO for Japan wireless unit: SoftBank Group Corp. said on Monday it was considering listing its Japanese wireless business — a move that could reportedly raise $18 billion and would accelerate the conglomerate’s transformation into one of the world’s biggest tech investors. A spin-off — potentially the biggest IPO by a Japanese company in nearly two decades — would give the unit more autonomy and help investors value the business as well as its parent which has myriad holdings across the tech industry. [Reuters]

US Treasury’s list of Putin ‘oligarchs’ jolts Russia’s elite class: The U.S. Treasury Department is finishing its first official list of “oligarchs” close to President Vladimir Putin’s government, setting off a flurry of moves by wealthy Russians to shield their fortunes and reputations. Some people who think they’re likely to land on the list have stress-tested the potential impact on their investments, two people with knowledge of the matter said. Others are liquidating holdings, according to their U.S. advisers. [Bloomberg]

For more of the latest news, go to Yahoo Finance

Ford shows off their GT sports car at the North American International Auto Show (NAIAS) on January 15, 2018 in Detroit, Michigan. The show is open to the public from January 20-28. (Photo by Scott Olson/Getty Images)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.