Here is what you need to know.
The Turkish lira has stabilised. The lira is up 4.5% at 6.5730 per dollar. It’s still down 73% this year.
The Indian rupee hits a record low. The rupee fell to 70.08 per dollar early Tuesday as Turkey’s currency crisis spilled over into other emerging markets.
UK unemployment rate sinks to lowest level in over 40 years. The unemployment rate in the UK hit 4% from April to June, making for its lowest print since comparable records began in the early 1970s, according to data released Tuesday by the Office for National Statistics.
Bitcoin slides below $US6,000 as crypto sell-off continues. Bitcoin, the largest cryptocurrency by market value, hit a low of $US5,887 late Monday before paring its losses.
Investors have turned complacent and are in danger of being sideswiped by a ‘likely correction.’ Morgan Stanley warns that investors are pricing in the continuation of strong economic growth but aren’t paying up to hedge against a market downturn.
Elon Musk says he is working with Goldman Sachs and Silver Lake to help take Tesla private. “I’m excited to work with Silver Lake and Goldman Sachs as financial advisors, plus Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson as legal advisors, on the proposal to take Tesla private,” Tesla’s CEO tweeted Monday evening.
Carl Icahn has changed his mind on Cigna’s $US52 billion purchase of Express Scripts. The activist investor told CNBC that blocking the deal would be impossible and that “there’s no point in fighting just to fight.”
Stock markets around the world are gaining ground. Japan’s Nikkei (+2.28%) saw big gains in Asia, and Germany’s DAX (+0.23%) leads in Europe. The S&P 500 is set to open up 0.46% near 2,835.
Earnings reporting remains slow. Home Depot reports ahead of the opening bell.
US economic data trickles out. Import and export prices will cross the wires at 8:30 a.m. ET. The US 10-year yield is up 2 basis points at 2.90%.
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