- Reuters/Joseba Etxaburu
Here is what you need to know.
Stocks are entering the ‘frothy territory’ reached before the past 2 crashes. Equity market cap as a percentage of gross domestic product has returned to levels most recently seen in 2000 and 2008, according to Deutsche Bank.
The Bank of England warns UK banks not to ‘return to the punchbowl.’ Speaking Monday, Sam Woods, the CEO of the Bank of England’s Prudential Regulation Authority, warned that some banks were loosening their internal controls to create credit and boost risk.
Foreign investors went on a buying spree across Asia. Foreign investors poured $63.6 billion into Asian bonds and stocks during the first half of 2017, making for the biggest net inflow since the second half of 2012, according to new research from the Australian bank ANZ.
Ethereum tumbles below $200. The cryptocurrency tumbled by more than 15% to a low of $175 an Ether on Tuesday before recovering a good chunk of its losses. It’s now down by 6.6% at $196.
Snap falls below its IPO price. Shares of the social-media company hit $16.99 apiece on Monday, a penny less than their price at the company’s March 1 initial public offering.
Amazon Prime Day is here. Amazon could rake in $1 billion over the 30-hour event, according to analysts at JPMorgan.
UBS says its London bankers could move to one of 3 places. “I think Frankfurt is a location of choice. There are different, other locations that could come into consideration,” UBS CEO Sergio Ermotti said in an interview with CNBC. The other destinations are Amsterdam and Madrid.
Stock markets around the world trade mixed. Hong Kong’s Hang Seng (+1.48%) led the gains in Asia, and Britain’s FTSE (-0.7%) trails in Europe. The S&P 500 is set to open down 0.17% near 2,423.
Earnings season kicks off. Pepsi reports ahead of the opening bell.
US economic data is light. Jolts Job Openings and wholesale inventories will be released at 10 a.m. ET. The US 10-year yield is up by 1 basis point at 2.39%.