- Reuters/Mark Kauzlarich
Here is what you need to know.
Russia and Saudi Arabia have agreed to work together on oil. Russia and Saudi Arabia are “moving toward a strategic energy partnership” after productive talks on Monday between the two countries’ energy ministers, Reuters reports. West Texas Intermediate crude oil is up 1.1% at $44.93 a barrel.
The Reserve Bank of Australia kept policy on hold. Australia’s central bank kept its benchmark interest rate at 1.50%, as expected, while suggesting that “holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.” The Australian dollar is up 0.7% at .7638 per dollar.
Euro-area GDP slowed. Second-quarter gross domestic product grew at 0.3%, down from the 0.5% that was recorded in the first quarter. The euro is stronger by 0.2% at 1.1167 versus the dollar.
China says it’s making progress on corruption. The Chinese government’s Central Commission for Discipline Inspection says it has brought back one-third of its 100 most wanted corruption suspects and in total has found 1,915 people in more than 70 countries – and 7.47 billion yuan ($1.12 billion) – Reuters reports.
Bayer upped its bid for Monsanto. The German drugmaker said it would pay $127.50 a share for Monsanto, up from its previous offer of $125.
Apple is reportedly increasing volumes for iPhone 7. The tech giant is said have increased its order of iPhone 7 components by 10%, according to a report from DigiTimes. The phone is expected to be revealed at an event on Wednesday.
Barclays has a new head of its Corporate and International division. Reuters reports that the investment bank has hired Tim Throsby, joining numerous former JPMorgan alumni who were recruited by Barclays CEO Jes Staley.
Stock markets around the world are up. China’s Shanghai Composite (+0.6%) led the gains in Asia, and Germany’s DAX (+0.3%) paces the advance in Europe. S&P 500 futures are up 1.50 points at 2,179.50.
Earnings reporting is light. Marvell Technology will report ahead of the opening bell, and Dave & Busters will release its quarterly results after markets close.
US economic data trickles out. ISM nonmanufacturing will cross the wires at 10 a.m. ET.