Doomsday Postponed and Valeant’s Management Talks–5 Things to Know Today

January 13, 2016, 11:32 AM UTC
High Oil Prices Continue To Drive Gas Prices Steadily Upwards
CULVER CITY, CA - APRIL 25: Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California. Many of the old unprofitable wells, known as "stripper wells", are located in urban areas where home owners are often outraged by the noise, smell, and possible environmental hazards associated with living so close to renewed oil drilling. Since homeowners usually do not own the mineral rights under their land, oil firms can drill at an angle to go under homes regardless of the desires of residents. Using expensive new technology and drilling techniques, California producers have reversed a long decline of about 5 percent annually with an increased crude flow of about 2 1/2 million barrels in 2007 for the first time in years. (Photo by David McNew/Getty Images)
Photograph by David McNew — Getty Images

Hello friends and Fortune readers.

Wall Street stock futures are higher this morning after solid trade data from China suggested that the world may not actually end until next week at the very earliest, despite increasingly dire forecasts for 2016 from Wall Street.

Today’s must-read story is by Fortune’s Valentina Zarya on why doctors are in an uproar over the new mammogram guidelines released by the U.S. Preventive Services Task Force.

Here’s what else you need to know.

1. China’s trade is in better shape than its stock market

If you still needed it, China’s trade data for December provided further evidence that what happens in its headline-grabbing, melting-down stock market is a very different thing from what happens in China’s ports and factories. Exports were down only 1.4% on the year, compared to forecasts of an 8% drop, while imports fell only 7.6%, rather than the 11.5% expected. China’s CSI300 index still fell 2.2%, but today it was the outlier, not the trendsetter.

2. Oil prices break losing streak

After closing last year at $37 a barrel, crude oil prices have lost 20% already this year. Overnight, they dipped below $30/bbl for the first time since 2003. But China’s trade data, which included a record number for monthly oil imports, look set to break a 12-day losing streak, with benchmark crude futures bouncing back to $31.23/bbl by 0630 ET.

3. Valeant’s management talks.

Valeant Pharmaceuticals (VRX) presents publicly today at the JPMorgan Healthcare conference in San Francisco for the first time since Michael Pearson took a leave of absence. Board member and former CFO Howard Schiller took over as interim CEO after Pearson contracted severe pneumonia. He has been in the hospital since late December. The presentation will cover the company’s performance to date, and many will be looking for more information concerning a probe into the company concerning its former relationship with specialty pharmacy Philidor.

4. Mary Barra discusses the auto industry.

General Motors CEO Mary Barra will take the stage this morning at the 2016 Global Auto Industry conference hosted by Deutsche Bank where she will discuss the state of the industry as well as GM’s performance. Her presentation, along with two other GM (GM) executives, will start at 8 a.m. ET and will be webcast live. Other presenters so far have included Ford (F), Delphi Automotive (DLPH), and Goodyear Tire & Rubber (GT).

5. Fed releases its Beige Book.

The Federal Reserve releases its first Beige Book for 2016, more formally known as the Summary of Commentary on Current Economic Conditions. The report is published eight times each year and chronicles how the economy is doing in each region of the U.S. using anecdotal information. It includes interviews with banks, key business contacts, economists, market experts, and other sources compiled by each district.

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