- Reuters/Kevin Lamarque
Here is what you need to know.
The tech sell off looks like its abating. The tech-heavy Nasdaq 100 is on track to open higher by 0.3% on Tuesday. It’s lost about 3% over the past two sessions.
Traders haven’t been this nervous about tech stocks in 14 years. The volatility index for the Nasdaq 100 index is trading at its highest level since January 2003, when compared to a similar gauge for the broader S&P 500, according to Bloomberg data.
UK inflation jumps. Consumer prices rose 2.9% year-over-year in May, data released on Tuesday by the Office for National Statistics showed.
Qatar’s currency hits a 19-year low. The riyal fell to 3.67 per dollar, its weakest since 1998, FT says, as Qatar’s diplomatic crisis shows no signs of slowing.
Deutsche Bank agrees to a Euribor-rigging settlement. Deutsche Bank has agreed to pay $170 million to settle an investor lawsuit claiming it conspired with other banks to rig the European Interbank Offered Rate, Reuters says.
Opel’s CEO is out. Karl-Thomas Neumann, the CEO of Opal, has resigned as the company readies for its sale to French rival PSA Group, Reuters says. He will be replaced by current CFO Michael Lohscheller.
Thomson Reuters is teaming up with the “Slack for Wall Street.” Beginning later this year, users of Eikon, Thomson Reuters’ software platform of financial data, news, and analysis, will have the ability to send messages via Symphony, a message application for financial services professionals.
Stock markets around the world are higher. Hong Kong’s Hang Seng (+0.6%) paced the gains in Asia and Germany’s DAX (+0.6%) is out front in Europe.
US economic data is light. PPI will be released at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.22%.