U.S. stocks opened slightly lower on Monday as Chinese officials intervened to prop up its slowing economy. China’s yuan was devalued to a three-week low and the world’s second largest economy also cut the amount of money banks are required to maintain on reserve. ‘Real activity [in China] continues to slow – and indeed that’s broadly the picture in global emerging markets,’ said Michael Ingram, a market strategist with BGC Partners, based in London. Meanwhile, Valeant Pharmaceuticals (VRX) CEO Michael Pearson is returning to the company. He was out for over two months with pneumonia. Valeant was also supposed to release its fourth quarter results on Monday, but has postponed them to an undisclosed date. Finally, Starbucks (SBUX) is coming to Italy. The global coffee giant opens its first store next year in Milan. Starbucks is already in 67 countries worldwide. TheStreet’s Scott Gamm reports from Wall Street.
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