“I’m more concerned about controlling the downside. Learn to take the losses. The most important thing about making money is not to let your losses get out of hand.” – Marty Schwartz

1. Chinese Economy Weakens — according to the latest data, China’s exports slipping 3.3% from year-ago levels while imports plunged by 19.9%. The slide in imports is the sharpest since May 2009, while exports have not produced a negative annual reading since March 2014. Many are expecting China to lower its GDP target to around 7% this year, after posting 7.4% in 2014, its lowest annual growth rate in 24 year.
2. FBI Probes Fake TurboTax Filings — WSJ reported the FBI is examining how fraudulent tax returns were filed in 19 states through Intuit’s (NASDAQ:INTU) tax-preparation software TurboTax and whether a computer data breach allowed access to personal information. Intuit halted e-filings of state returns last week after spotting criminal attempts to get refunds through its systems, but resumed filing after steps were taken to combat the activity.
3. Halliburton to Cut Workforce by 6.5%-8% Due to Challenging Market — Halliburton (NYSE:HAL) has announced that it will cut 5,000-6,5000 jobs, due to slumping oil prices and the resulting decline in oil and gas exploration and production. CEO Lesar previously warned that 2015 would be a “tough year” for the company.
4. ECB Raises Limit on Emergency Funding for Greek Banks — MarketWatch, the European Central Bank boosted the amount of emergency assistance that can be provided to Greek banks by 5 billion euros ($5.7 billion), according to German news reports. That lifts the total amount of funding Greek banks can access through a program known as emergency liquidity assistance, or ELA, to 65 billion euros. The ECB earlier this month said it would no longer accept junk-rated Greek government debt as collateral from Greek banks in return for cheap ECB funding loans, but said the banks could continue to tap funding via ELA, which is administered by the Greek central bank.
5. House Passes Keystone Pipeline Bill, Set for Showdown with Obama — the House has again voted for a bill approving construction of TransCanada’s (NYSE:TRP) Keystone XL pipeline, setting up a political showdown with President Obama, who has vowed to veto the bill.

The week ahead — Economic data from Econoday.com: