US stock future indexes point to a lower opening (SPY -0.2%) as investors looked ahead to a fresh batch of corporate earnings reports, U.S. economic data, weighing European banks, Japan stimulus and ahead of data from the Fed. Oil prices are edging up fractionally after U.S. crude broke below $40 per barrel in yesterday's session, but traders said fuel markets continue to be dogged by a production glut.
Here is the current market situation from CNN Money
European markets are broadly lower today with shares in France off the most. The CAC 40 is down 1.50% while Germany's DAX is off 1.27% and London's FTSE 100 is lower by 0.37%.
(Reuters) - A raft of global risks that could adversely affect the United States remain on the horizon and require close monitoring, Dallas Federal Reserve Bank President Robert Kaplan said on Tuesday.
BEIJING (Reuters) - A merger between Chinese ride-hailing firm Didi Chuxing and the China unit of U.S. rival Uber could face its first hiccup after China's commerce ministry (Mofcom) said on Tuesday it had not received a necessary application to allow the deal to go ahead.
OMAHA, Neb. (Reuters) - Billionaire investor Warren Buffett on Monday campaigned alongside U.S. Democratic presidential candidate Hillary Clinton at a rowdy rally in his home state of Nebraska, where he challenged Republican Donald Trump to release his tax returns and questioned Trump's business acumen.
BERLIN (Reuters) - Germany's state of Bavaria will sue Volkswagen for damages caused by the diesel emissions scandal, the state's finance ministry said on Tuesday, adding to the carmaker's litigation risks.
TOKYO (Reuters) - Private equity firm Carlyle Group said it could make a pair of acquisitions in Japan worth $2 billion apiece, a strategic departure from a previous focus on smaller deals as big Japanese firms are gearing up for spinoffs of larger assets.
Last week, when details of Japan's "massive" JPY28 trillion stimulus plan emerged, we pointed out the "minor" snag that assured the plan would be a disappointment: only about JPY7 trillion of this amount would be in the form of new spending. Overnight, Japan finally revealed the full plan, and as expected it was met with significant disappointment by the market, which sent the Yen soaring to new multi-week highs, with the USDJPY tumbling under 102 which, together with a very poorly received 10Y auction, sent Japanese bond yields surging.
So what was in the plan?
First the good news: as the FT writes, "Shinzo Abe has put Japan at the forefront of a global shift away from austerity and back towards looser fiscal policy as he launched a new ¥4.6tn ($45bn) stimulus to boost a struggling Japanese economy."
However, as previewed here last week, while Abe proclaimed a total package of ¥28.1tn, the actual new government spending is ¥6.2tn, of which ¥4.6tn — 0.9 per cent of gross domestic product — will fall in the current fiscal year. The package includes ¥2.5tn in welfare spending, ¥1.7tn for infrastructure, ¥0.6tn for small and medium-sized businesses hit by "uncertainty due to Brexit", and ¥2.7tn for reconstruction after an earthquake on the southern island of Kyushu earlier this year.
The Japan Ministry of Finance released the following breakdown of key stimulus component:
Silver kangaroo coins have seen sales surge to over 10 million coins which is double the expected demand for the year.
Silver Kangaroo Coins 1 oz (2016)
Introduced to the market less than 11 months ago in September 2015 at a launch attended by GoldCore, sales of the new release Perth Mint's 2016 Australian Kangaroo 1 ounce silver bullion coin were anticipated to reach 5 million coins in their introductory first year. Yet sales of the silver coins have already surged to a whopping 10 million coins.
Commenting on the new silver coin's worldwide success, the CEO of the Perth Mint, Richard Hayes said:
''Now that we can better gauge the popularity of the release, we predict sale ...
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