- Reuters/Edgar Su
Here is what you need to know.
Trump is getting ready for his historic summit with Kim Jong Un. President Donald Trump is in Singapore ahead of his planned meeting with North Korean leader Kim Jong Un, which is scheduled to kick off at 9 a.m. local time on Tuesday (6 p.m. ET on Monday).
Trump’s top economic adviser accused Canadian Prime Minister Justin Trudeau of pulling an ‘amateur political stunt.’ Larry Kudlow, the director of the National Economic Council, accused Trudeau of “diplomatic betrayal” for the comments Trudeau made at the closing of the G7 summit regarding his disagreement with Trump’s tariffs.
Swiss voters rejected a radical move to overhaul banking. The Vollgeld reform – which would have moved control of money creation from private to public hands – was vetoed in a referendum on Sunday by a vote of 76% opposed.
Bitcoin hits a 2-month low after a South Korean exchange was hacked. The cryptocurrency plunged more than 10% over the weekend after the South Korean crypto exchange Conrail announced it was under “cyberintrusion” and had lost 30% of its coins, Reuters reports.
Wall Street is sounding the alarm on a troubling market trend that is threatening to tank stocks over the summer. US investment-grade credit has been selling off even as stocks keep grinding higher.
A significant dislocation in the stock market is disappearing, and several prominent companies are set to reap the rewards. The profits and stock prices of US companies have been dislocated since the financial crisis, Deutsche Bank analysts said in a recent research note.
Chinese smartphone maker Xiaomi posts a $1 billion loss ahead of its IPO filing. The smartphone maker reported a loss of 7 billion yuan ($1.09 billion) ahead of what is expected to be the first Chinese depository receipts offering, Reuters says.
A crypto-mining company is listing on the London Stock Exchange. Argo Blockchain has announced plans for an initial public offering, which it expects to value the company at 40 million pounds ($53.4 million).
Stock markets around the world trade mixed. China’s Shanghai Composite (-0.48%) lagged in Asia, and Britain’s FTSE (+0.74%) is out front in Europe. The S&P 500 is set to open little changed near 2,779.
Earnings reports trickle out. Dave & Buster’s reports after markets close.