1. China volatility: The yuan is having a very rough July. The Chinese currency dropped to its lowest level against the US dollar in nearly a year on Tuesday, before staging a recovery that wiped away its losses for the day.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | +127.00 | | +36.25 | | +11.50 | | +0.52% | | +0.51% | | +0.42% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -26.39 | | +11.33 | | +38.20 | | 21,785.54 | | 2,786.89 | | 7,586.05 | | -0.12% | | +0.41% | | +0.51% | | | |
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| | | Biggest Winners | | NVIDIA Corp | +0.73% | | | | Twitter Inc | +0.71% | | | | Kinder Morgan Inc | +0.69% | | | | Marathon Oil Corp | +0.68% | | | Biggest Losers | | Facebook Inc | -1.45% | | | | United Continental Holdings Inc | -1.14% | | | | PepsiCo Inc | -0.54% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | China volatility; Glencore tumbles; Emerging market pain | | By Ivana Kottasová | | | | 1. China volatility: The yuan is having a very rough July. | | | | The Chinese currency dropped to its lowest level against the US dollar in nearly a year on Tuesday, before staging a recovery that wiped away its losses for the day. | | | | Investors have two big worries: China's economy appears to be stumbling, and trade tensions between Beijing and Washington continue to escalate. | | | | The Trump administration moved Monday to block state-owned Chinese wireless carrier China Mobile from linking up with the US market, citing national security concerns. On Friday, the United States will level tariffs on about $50 billion worth of Chinese imports. | | | | 2. Glencore tumbles: Shares in Glencore dropped 10.5% after the mining and commodities company said it had received a subpoena from the US Department of Justice. | | | | US authorities are seeking documents related to compliance with money laundering and anti-corruption laws, according to Glencore. The requested documents relate to its operations in Nigeria, the Democratic Republic of Congo and Venezuela. | | | | Glencore said in a statement that it was reviewing the subpoena. | | | | 3. Emerging market pain: The Turkish lira dropped almost 1% against the dollar after data showed inflation reached 15.4% in June. | | | | That's a sharp increase from the 12.2% rate posted in May, and three times the central bank's target of 5%. Stocks opened flat in Istanbul. | | | | A growing number of emerging markets are coming under pressure over fears that a trade war could hurt global economic growth. Moody's warned last week that Turkey is among the countries most vulnerable to a stronger dollar. | | | | 4. Global market overview: US stock futures were higher ahead of a shortened trading session. | | | | European markets were higher. Shares in Germany gained 0.6% after Chancellor Angela Merkel struck a deal with her interior minister on immigration policy that keeps her government intact. | | | | Stocks in Asia ended mixed. | | | | The Dow Jones industrial average closed 0.2% higher on Monday, while the S&P 500 was up 0.3% and the Nasdaq gained 0.8%. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 5. Companies and economics: A report on US auto sales for June will be published at 2:00 p.m. ET. | | | | Shares in HTC dropped 6.7% in Taipei after the Taiwanese smartphone manufacturer announced it was laying off 1,500 people after years of losing money and market share. | | | | The Reserve Bank of Australia left its key interest rate at 1.5% for the 23 month in row. | | | | Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now! | | | | | | | |
| | | | | | Tuesday — American automakers report June sales; US markets close early
Wednesday — US markets are closed for Independence Day
Thursday — US Federal Reserve reports its Board of Governors meeting minutes
Friday — US jobs report; tariffs on the first $34 billion of Chinese goods go into effect | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $74.76 | +0.82 / +1.11% | | | Gold | $1,248.20 | +6.50 / +0.52% | | | 10-yr | 2.87% | +0.02 / +0.60% | | | Euro | $1.17 | +0.00 / +0.09% | | | |
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