- Jane Barlow/Reuters
Here is what you need to know.
Barclays and former CEO John Varley face criminal charges. The UK Serious Fraud Office charged the bank and four former executives with “conspiracy to commit fraud” and with receiving “unlawful financial assistance” after a probe into a 2008 capital raise funded by Qatari investors.
The Bank of England talks down rate hikes. Governor Mark Carney said he did not believe it was time for Britain’s central bank to raise interest rates, despite inflation climbing sharply above target in recent months. He cited slow wage growth and consumer spending.
The pound dived after Carney’s comments. It is down by 0.58% to 1.2664 against the dollar at 6:47 a.m. ET.
Oil falls t0 its lowest level since November. The West Texas Intermediate crude oil contract for August delivery slumped 2% to $43.52 per barrel amid ongoing concerns about excessive supply levels.
Chipotle warns that it’s spending more on marketing to lure customers after the food-safety crisis. The company said Monday that marketing and promotion costs are expected to be up in the second quarter by 20 to 30 basis points from the first.
The company formerly known as Yahoo has begun its life as Altaba. It took on the ticker AABA on Monday after Yahoo sold its internet business to Verizon.
Morgan Stanley said Microsoft shares could jump 46% in the next year. Analysts pointed to rising earnings and Microsoft’s growing cloud business.
Snap signed a $100 million (£78.4 million) deal with Time Warner. The media company will pay Snap to develop shows for Snapchat and advertise in the app.
US futures are little changed. Dow futures are up 8 points, or 0.04%. The 10-year yield is at 2.179%, down by less than one basis point.