Good morning! Here's what you need to know in markets on Friday.
A federal appeals court unanimously ruled against President Donald Trump on Thursday, refusing to reinstate his travel ban affecting people from seven Muslim-majority countries. The ruling, issued by a three-judge panel on the San Francisco-based 9th Circuit Court of Appeals, means that refugees and citizens of the countries in question can continue entering the US — striking a blow to Trump's ability to deliver on one of his key campaign promises.
The Bank of Mexico hiked interest rates by 50 basis points to 6.25% in its latest decision, as most economists were expecting. In the accompanying statement, the bank noted that emerging markets were facing greater uncertainty regarding fiscal, commercial, and migration policies under consideration by the new US administration.
Stocks touched all-time highs on Thursday after Trump said he would release his plan to reform the tax system in the next few weeks.Although they back-tracked on some of their gains near the end of the trading day, all three major indices still finished in the green.
Bitcoin tanked after Chinese exchanges announced they were blocking customers from withdrawing their bitcoins. Thursday's announcements are notable because nearly 100% of all bitcoin transactions take place on Chinese exchanges. The cryptocurrency has had a wild start to 2017 after gaining 120% in 2016, when it became the top-performing currency for a second straight year.
Chinese trade data easily breezed past expectations in December, helping to fuel optimism over the state of the global economy. But, while there’s clear evidence that global economic activity is improving, the strength was helped by a low base effect stemming from low commodity prices in January 2016.
"Sir John Rose, the man who helped to build Rolls-Royce into the world’s second biggest aero-engine maker, has been questioned as part of the investigation into alleged corruption at the UK’s flagship engineering company," according to a report from the Financial Times. Rose denies any wrongdoing and has not been charged, the FT notes.
Trump’s “wall” along the US-Mexico border would be a series of fences and walls that would cost as much as $21.6 billion, and take more than three years to construct, based on a US Department of Homeland Security internal report seen by Reuters on Thursday. The report’s estimated price-tag is much higher than a $12-billion figure cited by Trump in his campaign and estimates as high as $15 billion from Republican House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell.
Bank of England Chief Operating Officer Charlotte Hogg has been named the new Deputy Governor for Markets and Banking. Hogg, who has been COO since 2013, replaces Minouche Shafik, who announced she was leaving in September after less than 2 years in the job.
Apple CEO Tim Cook met with Theresa May on Thursday. Cook has been travelling around Europe this week, where he has so far visited Marseille, Paris, Vreden, Berlin, and most recently Glasgow. He arrived at Downing Street on Thursday at 10am and met with UK Prime Minister Theresa May. A spokesperson for the prime minister told Business Insider: "It was a meeting with the prime minister. It was a very positive and useful discussion."
Trump's planned state visit to the UK will occur "around June," according to London's police chief. Sir Bernard Hogan-Howe, head of London's Metropolitan Police, told LBC Radio's Nick Ferrari: "First of all, I think President Trump is coming around June, that's the plan."
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