Here's what you need to know before the
1. A forensic financial expert broke down the numbers behind scandal-hit German fintech Wirecard, whose ex-CEO was just arrested. German fintech group Wirecard saw its shares crash by over 80% over two days last week when its auditor EY said it could not trace 1.9 billion euros ($2 billion) in cash, representing roughly a quarter of its balance sheet.
2. Wirecard pops almost 30% as its former CEO is arrested in connection with the company's $2.2 billion accounting scandal. Shares of German fintech Wirecard soared on Tuesday on reports that the ex-CEO of the scandal-ridden firm was arrested on suspicion of false accounting.
3. Day trading for fun is a 'losing proposition,' Princeton economist and author Burton Malkiel warns. Many of the people who have taken up day trading during the pandemic are substituting stock picking for sports betting and will almost certainly lose money, Wealthfront's investment chief Burton Malkiel said in a recent MarketWatch interview.
4. Europe's economy continued to bounce back from the worst impacts of the coronavirus pandemic in June. That's according to IHS Markit's widely-watched PMI surveys, which showed a figure of 47.5, up from around 32 in May, meaning that while the Eurozone economy is still shrinking, it is doing so at a much slower rate than before.
5. ADNOC inks $10 billion deal, keeps tight control of costs amid market downturn. Abu Dhabi National Oil Company (ADNOC) said on Tuesday it had signed a $10 billion gas infrastructure deal with a consortium of investors, while its chief executive told Reuters the company would keep a tight lid on costs amid low oil prices.
6. Volkswagen sees V-shaped recovery lasting into 2022.Volkswagen expects a V-shaped recovery lasting into 2022, its sales chief said on Tuesday, as businesses try to work out how quickly they will rebound from the coronavirus pandemic which shut large parts of the economy around the world for months.
7. Apple will let app makers challenge its App Store rules after a week of developer backlash. Apple has surprised developers by telling them that, from later this summer, they can challenge its App Store review process and guidelines.
8. Global stocks bounce after Trump reassures investors that the US-China trade deal is still on. Global stocks climbed on Tuesday, paring early losses on comments made by Trump's chief advisor Peter Navarro that the trade deal between US-China is "over." In Europe, the DAX is up 2.5%, the FTSE 100 is up 1.3% and the Euro Stoxx 50 is up 2%. In Asia, the Hang Seng is up 1.6%, the Shanghai Composite is up 0.2% and the Nikkei is up 0.5%. US futures are pointing to an open between 0.7-1%.
9. Quarter earnings coming in. Equitable Holdings 1Q 2020 results are due and Markit's Q2 2020 results are due.
10. Economic data releases today. API Weekly Crude Oil Stock and the Richmond Fed Manufacturing Index are due.