Hello friends and Coins2Day readers.
Wall Street stock futures are lower this morning, dragged down by the response by European markets to the terror attacks in Brussels (see more below). That news has also supported the dollar, which now trades at $1.1210 to the euro, along with other ‘safe haven’ assets such as Treasury bonds and gold. It has knocked back crude oil, which has lost about 40c on the usual fears for global growth that accompany such outrages.
Today’s must-read story is by Coins2Day’s Phil Wahba on why online retailers are flocking to Nordstrom’s stores. Nordstrom (JWN) has successfully wooed hip e-commerce brands like Bonobos, Shoes of Prey, and Baublebar into its brick-and-mortar stores.
Here’s what else you need to know.
1. Terror attacks in Brussels
At least 21 people have died in two separate terrorist attacks in the Belgian capital of Brussels. One bomb in the departure hall of the city’s main airport, Zaventem, killed 11, while another on a subway train less than a mile from the E.U. Commission’s headquarters killed another 10. The attacks come only days after police arrested the last remaining major suspect in the Nov. 13 attacks in Paris, and may have been accelerated to avoid being compromised by him, one minster said. The attacks represent the worst violence in Belgium since the end of World War 2.
2. Nike earnings.
The world’s largest sportswear maker reports its third-quarter earnings today, which are expected to beat analysts’ estimates. Nike (NKE) has benefited from the growing athleisure trend as more customers grab up its clothing to mix and match with everyday items. It’s also seen strong sales of its basketball and running footwear in recent months, though competitors like Under Armor (UA) are beefing up the competition.
3. Fed presidents make the rounds.
Federal Reserve Bank presidents Charles Evans and Patrick Harker of Chicago and Philadelphia, respectively, will discuss the state of the economy and monetary policy at two different locations. Evans, one of the Fed’s most dovish policymakers, will speak in the afternoon at the City Club of Chicago, while Harker will speak in the morning at New York University.
4. Jack Lew testifies.
U.S. Treasury Secretary Jack Lew will testify before the House Financial Services Committee in Washington at 10 a.m. ET on the state of the international financial system. Lew called on G20 members in Shangahi late last month to push forward on efforts to boost global demand and lessen their reliance on the American consumer.
5. Canada’s budget reveal.
Canadian Finance Minister Bill Morneau will unveil his proposed budget for the 2016-2017 fiscal year. The budget is likely to run up a deficit of nearly C$30 billion, about three times the amount the Liberal party promised to cap it at. Prime Minster Justin Trudeau is pushing for more infrastructure investments to help nudge along the sluggish economy.
Additional reporting contributed by Reuters.
