Elias Sanchez, the governor’s representative to a federal control board created last year to oversee Puerto Rico’s finances, has made some worrisome comments regarding the Caribbean island’s economy. Sanchez supported that if no dramatic adjustments, the island could experience a total collapse in upcoming months. The Secretaries of the U.S. Treasury and Health and Human Services also called for fast congressional action, saying a bipartisan task force report failed to go far enough on recommending a low-income tax credit for the commonwealth.
Retail giant Walmart, the nation’s largest private employer announced on Tuesday the addition of 10,000 retail jobs this year. While discussing 2017 goals for American job growth, the company stated that it plans $6.8 billion of capital investments in the U.S. in the upcoming fiscal year, which begins February 1. Specifically, the company has revealed that it plans remodel stores, clubs and distribution centers, as well as expand new services such as Online Grocery Pickup. The investments in the new year will support an estimated 34,000 jobs in total. The new retail jobs will be created through the opening of 59 new, expanded and relocated Walmart and Sam’s Club facilities as well as e-commerce services.
European markets wobbled in mid-trade on Wednesday as investors digested a number of corporate reports, while technology stocks moved higher after strong earnings reports. Specifically Germany’s DAX and U.K.’s FTSE were last seen trading mostly unchanged from their previous close while France’s CAC 40 dipped 0.6 percent and the Euro Stoxx lost 0.4 percent as of 12:15 GMT. The U.S. dollar which had recorded a steep fall yesterday after some bold comments by President Trump, seems to have recovered today and was last seen trading 0.8 percent higher against the Japanese yen at 113.38 JPY as of 12:15 GMT.
U.S. stock index futures pointed to a slightly higher open on Wednesday as traders tune in for new U.S. inflation data and earnings, as well as comments from Federal Reserve Chair Janet Yellen. On the data front, the U.S. Consumer Price Index is set to come out at 13:30 GMT, with industrial production and capacity utilization following on at 14:15 GMT. The NAHB housing index is also due at 15:00, with the Fed’s Beige Book expected at 19:00 p.m. GMT. On the earnings front Wednesday, Citigroup, Goldman Sachs and US Bancorp are among companies set to report before the bell.