The dollar weakened after Fed Chair Janet Yellen said it would be prudent for the Federal Reserve to gradually adjust policy over time, while Chinese stocks extended gains as the world’s second-largest economy grew faster than forecast. China’s gross domestic product accelerated for the first time in two years in the final quarter of 2016. Boosted by higher government spending and record bank lending, China’s economy grew 6.8% during the fourth quarter, which means GDP expanded 6.7% in 2016. The growth rate albeit reaching the government’s 6.5%-7% growth target, is still the slowest pace since 1990. Retail sales also jumped 10.9%, industrial production rose 6%, and fixed asset investments increased 8.1%.
European stocks were seen edging higher on Friday as investors digest dovish comments from ECB President Mario Draghi and tune in to watch U.S. President-elect Donald Trump’s inaugural address later within the day. In today’s European markets Germany’s DAX added 0.1 percent, U.K.’s FTSE 100 lost some of it’s previous profits after a steep slide of the pound to last trade 0.1 percent lower while France’s CAC 40 and the Euro Stoxx 50 added 0.3 percent respectively as of 9:00 GMT.
UBER has agreed to a $20M fine settling after accusations that the company has exaggerated prospective earnings in an effort to recruit more drivers. It should be noted that this settlement marks the latest in a series of fines the company has faced around the world. On its website, Uber states that prospective drivers could make more than $90,000 in New York and $74,000 in San Francisco when the real earnings were considerably less, according to the court filing made by the Federal Trade Commission.