Here is what you need to know.
1. UK Prime Minister frontrunner Boris Johnson refused to rule out sacking the UK’s ambassador to the US after Trump’s attack. In a TV debate last night, Johnson put the future of the UK’s ambassador to the US in doubt after Donald Trump labeled him a "very stupid guy."
2. Stocks are dipping on fears the Fed might hold off on cutting interest rates. Ahead of Federal Reserve Chair Jerome Powell’s testimony in front of Congress, traders are worried he might signal the central bank won’t cut interest rates this month.
3. Airbus is set to take over Boeing as the largest maker of planes. Boeing’s seven-year reign as the market leader could come to an end after a weak few months following the grounding of its 737 MAX aircraft.
4. Deutsche Bank is being slammed for paying $52 million ‘golden parachutes’ to fired execs. This came after news emerged that execs were being fitted for lavish suits while the firings were going on.
6. China’s exports likely fell in June according to a Reuters poll. Weakening global demand and a sharp hike in U.S. tariffs appear to be taking a heavy toll on the world’s largest trading nation.
6. The United States will use an emergency meeting of the UN nuclear watchdog’s board on Wednesday to raise pressure on Iran over breaches of its nuclear deal. Diplomats expect no concrete action as parties to the deal consider their next move.
7. The European Commission lowered its forecast on Wednesday for the eurozone economy next year, saying that uncertainty over U.S. trade policy posed a major risk to the bloc. The European Union’s executive arm also lowered its estimate for inflation in the bloc.
8. Stocks were muted today across the world. US futures slid as the S&P 500 and the Nasdaq were down (-0.1%). In Europe the Dax was down (-0.2%) and Euro Stoxx 50 was flat. Asia was mixed as the Nikkei 225 was down (-0.2%) at close as was the Shanghai Composite (-0.4%) but Hong Kong’s Hang Seng was up (+0.2%).
9. There are some interesting earnings to follow – including two big fashion names. Levi’s holds its AGM after missing profit estimates yesterday, and Superdry also has its Q4 earnings out today with its share price down more than 2.5%.
10. On the economic docket today, the highlight is Powell’s testimony before Congress.
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