1. Trouble in Germany: Shares in German automakers dropped by about 3% Monday over worries about an investigation into collusion. European antitrust officials confirmed Saturday that they are investigating claims that the country's major carmakers may have been operating a cartel since the 1990s, colluding on everything from vehicle development and engines, to suppliers and diesel emissions systems.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -15.00 | | -5.25 | | -3.25 | | -0.07% | | -0.09% | | -0.13% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -124.08 | | +12.62 | | -65.71 | | 19,975.67 | | 3,250.60 | | 7,387.20 | | -0.62% | | +0.39% | | -0.88% | | | |
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| Key Stats | Latest | Today's Change | | | Oil | $45.86 | +0.09 / +0.20% | | | Gold | $1,256.10 | +1.20 / +0.10% | | | 10-yr | 2.23% | -0.03 / -1.50% | | | Euro | $1.17 | -0.00 / -0.17% | | | |
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| News: What you need to know about the markets | | | | | | | German automakers in trouble; Earnings flow; Airline warning | By Alanna Petroff
Monday, July 24th, 5:47am | | | | 1. Trouble in Germany: Shares in German automakers dropped by about 3% Monday over worries about an investigation into collusion. | | | | European antitrust officials confirmed Saturday that they are investigating claims that the country's major carmakers may have been operating a cartel since the 1990s, colluding on everything from vehicle development and engines, to suppliers and diesel emissions systems. | | | | News of the probe was broken by German news magazine Der Spiegel on Friday. It reported that hundreds of executives from BMW, Mercedes-Benz owner Daimler and Volkswagen (plus its subsidiaries Audi and Porsche) had participated in 60 industry working groups. | | | | The motive for the meetings, the magazine reported, was to suspend competition. It cited a letter it said Volkswagen had sent to German antitrust officials last summer in which the world's biggest carmaker admitted to possible anti-competitive behavior. | | | | Volkswagen and Daimler have declined to comment since the news broke Friday. | | | | In a statement on Sunday, BMW said its diesel emissions system differed significantly from others in the market, and none of its vehicles were manipulated to pass emissions tests. A spokesperson declined to comment on the broader cartel allegations. | | | | 2. Earnings-paloooza: Big names from tech, food, retail and energy will report quarterly results this week. | | | | Hasbro and Halliburton will report before the bell on Monday. | | | | After the close, investors will hear from Google's parent company, Alphabet. | | | | 3. European airlines: Budget airline Ryanair sparked an aviation sell-off Monday by warning that it might cut fares in the face of intense competition. It's shares dropped 3.4%, while rival EasyJet declined 2.1%. Vacation company Thomas Cook shed 1.4%. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 4. Stock market overview: There's a fair bit of pessimism in global markets. | | | | U.S. stock futures were looking weak. | | | | European markets declined in early trading. Asian markets ended the day with mixed results. | | | | The negativity comes after the International Monetary Fund released a report showing a shaky outlook for the U.S. economy over the next two years. | | | | The IMF lowered its economic growth forecasts for the U.S. to 2.1% for this year and the next, down from the 2.3% for 2017 and 2.5% for 2018 that it had predicted in April. | | | | Traders will be tracking a report from the U.S. National Association of Realtors. It's publishing data on existing home sales for June at 10 a.m. ET. | | | | Jared Kushner will be interviewed by the Senate Intelligence Committee on Monday. President Trump's son-in-law is being questioned as part of a probe into Russian efforts to influence the 2016 election. | | | | Download CNN MoneyStream for up-to-the-minute market data and news | | | | | | | |
| | | | | | Monday -- Trump's son-in-law Jared Kushner interview with Senate Intelligence Committee; Alphabet, Hasbro earnings
Tuesday -- McDonald's, GM, AT&T, Chipotle earnings
Wednesday -- Federal Reserve interest rate decision; Donald Trump Jr. and former Trump campaign chairman Paul Manafort testify before the Senate judiciary committee; Boeing, Coca-Cola, Ford, Facebook, Whole Foods earnings
Thursday -- Verizon, Amazon earnings
Friday -- ExxonMobil, Chevron earnings; U.S. GDP report | | | | | | | |
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