Here’s what you need to know.
Germany denies reports of a possible Deutsche Bank bailout. Germany’s finance ministry says it’s not working on a rescue plan for Deutsche Bank, refuting an earlier report from German newspaper Die Zelt.
Deutsche Bank told employees not to worry. In a memo sent to employees, the German investment bank stated it has no intention to settle with the US Department of Justice at a price “anywhere near the opening position of $14 billion” and that is has no plans to raise capital. It also said “CDS spreads which reflect risk of our senior unsecured debt are no longer an especially reliable proxy for probability of default. Thin volumes amplify price movements.”
Janet Yellen testifies before the House Financial Services Committee. While most of the questions are expected to be about financial regulation, Yellen could also be asked about topics ranging from monetary policy to bank stress tests to the election, the Wall Street Journal says.
Wells Fargo is clawing back cash from its CEO. Wells Fargo CEO John Stumpf will forfeit $41 million in stock awards as a result of its scandal over sales practices, the Associated Press reports.
RBS has agreed to a “toxic” mortgage settlement. The bank has agreed to pay $1.1 billion to settle claims it mis-sold toxic mortgage security products to US Central Federal Credit Union and Western Corporate Federal Credit Union in the run-up to the 2008 financial crisis.
Apple is already developing the iPhone 8. An employee at Apple’s office in Herzliya, Israel told Business Insider’s Sam Shead all new products are worked on at the facility and that the iPhone 8 will have a radical redesign.
Nike’s future orders missed. The athletic apparel giant beat on both the top and bottom lines, but saw worldwide future orders up 7%, below analyst expectations of an 8% increase. Shares of Nike finished the after-hours session down about 3%.
Stock markets around the world trade mixed. Japan’s Nikkei (-1.3%) trailed in Asia and Germany’s DAX (+0.8%) leads the gains in Europe. S&P 500 futures are down 2.00 points at 2,150.75.
Blackberry reports ahead of the opening bell. The smartphone maker is expected to post an adjusted loss of $0.05 per share on revenue of $390.2 million, according to the Bloomberg consensus.
US economic data trickles out. Durable goods orders will be released at 8:30 a.m. ET before Department of Energy crude oil inventories are released at 10 a.m. ET. The US 10-year yield is up 2 basis points at 1.58%.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.