The U.S. eastern seaboard is still digging out from a weekend blizzard that knocked out power for several hundred thousand customers, grounded more than 13K flights, and shattered snowfall records in Washington and New York City.
Oil and stocks are heading lower this morning on oversupply concerns and profit taking after Friday’s surge in prices. Iran has made its first sale after sanctions were lifted and Iraq’s production is up while the Saudis are continuing to invest in new production.
McDonald’s Corp reported better-than-expected quarterly same-restaurant sales as the launch of all-day breakfasts proved to be a hit with diners in the United States and demand continued to recover in China. The company plans to open more than 60 new stores in Russia 2016.
Russia’s economy contracted the most since 2009 last year as the price of oil sank and sanctions over the conflict in Ukraine curbed access to international financing. According to preliminary estimates, gross domestic product fell 3.7% after growth of 0.6% in 2014.
Johnson Controls and Tyco International are in advanced talks to merge, in a deal that could value the latter as high as $20B and signal that companies are still willing to embark on large mergers despite the recent market volatility. The combined company would be headquartered in Ireland.