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Morning Brief: Trump speaks in Davos

Friday, January 26, 2018

What to watch today

In what’s already been a busy week for markets and the economy, Friday will be a big, news-heavy finale. In the morning, investors will contend with a speech from President Donald Trump at the World Economic Forum in Davos while the first estimate of U.S. economic growth in the fourth quarter will also be released. This speech from Trump will follow comments from the president on Thursday that moved the dollar higher, telling CNBC in an interview that, “ultimately I want to see a strong dollar.[WATCH LIVE: President Donald Trump’s speech at 8 a.m. ET]

Trump’s comments followed market-moving comments from Treasury Secretary Steven Mnuchin on Wednesday that the weak U.S. dollar would be a positive for the U.S. economy. Given the Trump administration’s fixation on lowering trade deficits, however, a weak dollar would be succeeded in meeting this economic goal.

Meanwhile, investors back in the U.S. will be tracking the first estimate of fourth quarter GDP, due out at 8:30 a.m. ET. This report should show the economy grew at a pace of 3% in the final three months of 2017.

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Top news

Trump plan offers citizenship path to 1.8M immigrants: President Donald Trump will support a path to citizenship for as many as 1.8 million undocumented immigrants brought into the U.S. as children, doubling the number of people covered by current protections from deportation, White House officials said Thursday. As part of any deal, Trump also wants Congress to provide a $25 billion trust fund to pay for a southern border wall and enhanced security at ports of entry as well as improvements along the U.S.-Canada border. [Bloomberg]

Dell considering acquisitions or possible IPO: U.S. computer maker Dell Technologies Inc. is exploring a range of options that could see the world’s largest privately held technology company grow further through acquisitions or go public, people familiar with the matter said on Thursday. Dell’s board of directors will meet later this month to consider the biggest shakeup in the company’s history since it acquired data storage provider EMC Corp. for $67 billion in 2016. [Reuters]

Bill Ackman’s Pershing Square takes passive stake in Nike: Pershing Square Capital Management has built a stake in Nike Inc. (NKE), according to a person familiar with the matter. Unlike Pershing Square’s activist campaigns, in which it pressures company executives or directors to make changes, its investment in the sportswear company is passive. [Bloomberg]

Walmart to launch online grocery delivery in Japan:  Walmart has struck a partnership with e-commerce firm Rakuten Inc. to launch an online grocery delivery service in Japan, its latest effort to forge an alliance with a popular homegrown chain to crack a competitive market. [Reuters]

Yahoo Finance on the World Economic Forum (WEF) in Davos:

For more of the latest news, go to Yahoo Finance

Yahoo Finance is holding a live summit on cryptocurrencies, featuring a range of big-name guest speakers, on Feb. 7 in New York City. Get your ticket here.

President Donald Trump (R) shakes hands with Israel’s Prime Minister Benjamin Netanyahu during a bilateral meeting on the sidelines of the World Economic Forum (WEF) annual meeting in Davos, eastern Switzerland, on January 25, 2018. (Photo credit should read NICHOLAS KAMM/AFP/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.