Investing.com - Here are the top five things you need to know in financial markets on Monday, January 30:
1. Stock markets hit by Trump travel ban fears
Shares in Asia and Europe fell on Monday as the controversial travel ban put in place by President Donald Trump on Friday underlined fears over the potentially destabilizing impact of the new administration's protectionist policies.
Japan’s Nikkei fell 0.5%, while Australia’s S&P/ASX 200 shed almost 1%.
In Europe, London’s FTSE 100 was down 0.82%, while Germany’s DAX lost 0.74%.
U.S. futures also pointed to a lower open on Wall Street, with Dow futures shedding 44 points or 0.22%, having hit record highs last week.
2. U.S. dollar on defensive
The dollar slid against a currency basket as questions begin to mount over how damaging the new U.S. immigration policy could be to the economic outlook.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 100.52 after falling to overnight lows of 100.14.
Concerns over the new phase of protectionism spurred safe haven demand for the yen, sending USD/JPY down 0.36% to 114.67.
3. U.S. tech giants condemn executive order
Major U.S. tech giants have criticized Trump's clampdown on immigration, with Apple (NASDAQ:AAPL), Google (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) offering legal assistance to employees affected by the order.
Tesla (NASDAQ:TSLA) Chief Executive Elon Musk and Uber head Travis Kalanick both said on Twitter that they would raise industry concerns about immigration at Trump’s business advisory council.
Meanwhile, Starbucks (NASDAQ:SBUX) announced Sunday that they will hire 10,000 refuges over the next five years.
4. Oil prices rise but gains capped
Oil prices rose, but gains were held in check after a report showing an increase in the number of active U.S. oil rigs last week added to concerns about rising output at a time when major producers are cutting output in a bid to support the market.
Data from Baker Hughes showed U.S. drillers added 15 oil rigs last week, taking the total to its highest since November 2015.
Global benchmark Brent crude oil prices were up seven cents at $55.76 a barrel, while U.S. crude futures rose 18 cents to $53.35.
5. U.S. data on tap
The U.S. is to release personal income and spending data for December at 08.30 ET, followed by a report on pending home sales, also for December, at 10.00 ET.
The reports come at the start of a big week for news, with the Federal Reserve meeting coming up on Wednesday and Friday bringing the latest U.S. employment report.