Here is what you need to know.
China’s currency is the weakest it’s been in over six years. The Chinese yuan hit 6.7040 per dollar following its resumption of trade after the Golden Week holiday, making for its lowest print versus the US dollar since September 2010.
The Mexican peso is surging. The peso, which has become somewhat of a gauge for Donald Trump’s prospects of winning the election, is up 1.7% at 18.9793 per dollar following a tumultuous week for the republican nominee. A stronger peso has been viewed as a sign Trump is losing momentum due to his tough talk on Mexico.
German exports grew by the most since May 2010. Data from Germany’s Federal Statistics Office showed seasonally adjusted German exports rose 5.4% in August, making for their biggest increase in more than six years. The euro is shrugging off the news, down 0.3% at 1.1167 against the dollar.
Saudi Arabia’s oil minister says OPEC needs to be careful not to “shock the market.” “Prices have dropped too low and that has impacted investment,” Saudi energy minister Khalid al-Falih said while speaking at the World Energy Conference in Istanbul, Turkey. “Many companies and countries are hurting… we don’t want to give the market the wrong signal and shock the market’s prices.” West Texas Intermediate crude oil is down 0.4% at $49.61 per barrel.
Jamie Dimon says Brexit makes the euro’s collapse “5 times more likely.” JPMorgan’s CEO believes a Brexit will create “years of uncertainty,” but that such an event is not a disaster.
Deutsche Bank is sliding. Shares of the investment bank have rallied off their opening lows, but remain down 0.6% in Germany as a deal with the US Department of Justice over mis-selling mortgage-backed securities has yet to come to fruition, Reuters reports.
Noble Group is selling its North American energy distribution unit to Calpine. The $1.05 billion deal gets Noble closer to its goal of raising $2 billion and cutting debt, Reuters reports.
Tesla has a new product in the works. On Sunday, Tesla CEO Elon Musk took to Twitter to announce a new product that’s “unexpected by most” will be announced on October 17, just 11 days before the SolarCity/Tesla solar roof unveiling.
Samsung has reportedly stopped production of its Note 7. The temporary production halt comes after five reports surfaced suggesting the replacement device remains plagued by the same faulty battery problem that occurred in the original device, South Korean news agency Yonhap says, citing a source.
Stock markets around the world are mostly higher. China’s Shanghai Composite (+1.5%) outperformed in Asia and Germany’s DAX (+0.4%) leads the gains in Europe. S&P 500 futures are down 2.00 points at 2,154.50.
The US Treasury market is closed in observance of Columbus Day. Additionally, US economic data is absent from the calendar.