But were holding down the fort. Japans nikkei reopening after yesterdays Public Holiday and it plunged. 4. 8 . It closed at its lowest level since october 2014. The index is down in seven of the last eight sessions. That is coming as the yen has been rising against the dollar and it comes after yesterdays big selloff in the u. S. This years lowses have erased nearly 1. 8 trillion in value for investors just on that index. The s p is down 10. 5 since the first trading day of 2016. But u. S. Equity futures are rebounding this morning. Part of that is because of firmer oil market. Take a look at what crude is doing. It is bouncing back today following Late Afternoon comments by an opec Energy Minister from the United Arab Emirates that sparked hopes of a coordinated production cut. And though weve heard this story before and havent gotten anything out of it, the markets are interpreting that as a positive. Wti he crude currently up nearly 4 . 27. 21. Brent is sitting above 31 a barrel, up
Closed relatively flat. Nikkei was down by about 0. 3 . In europe, it looks like things are modestly weaker. The dax is down by about 0. 3 . The ftse looks flat. Lets get you through some of the top stories this morning. We have citigroup expected to report at 8 00 a. M. Eastern time. Analysts looking for the bank to post earnings of 1. 03 per share on revenues of 17. 5 billion. Citi has already said Investment Banking fell during the quarter. Worth watching. The bank could give us a better snapshot of the Global Economy than some of its peers. More than half of citis revenues coming from outside the u. S. Citi was the only bank to make it through the living will process. Probably questions on that Conference Call about that as well. Were also watching oil prices ahead of this weeks highly anticipated producer meeting in doha. Ministers from the biggest opec and nonopec countries debate the next steps in a production freeze. But russias finance minister telling cnbc it wouldnt have tha
That decision due around 7 45 eastern and then draghi will be holding a News Conference that starts 8 30 eastern. The dax is down by less th than. 2 . What is that . The euro sitting at 1 13 versus the u. S. Dollar. And crude oil price, prices initially falling over night. Wait a minute. Contract rolled overnight. It was 40 yesterday. This is rigged. It was 42. At one point in the day it was at 42. This is the rnc. This is rigged. This is like Reince Priebus is controlling the further and further out. Going to 85 and like a no brainer. Its 40 now its 44 just like a contract roled. Its rigged. You cant go from 40 to 44 overnight and i looked at crude yesterday and it was 42 and change. Must have been up then. And looked at that it was 43 and change. So yeah. Rigged. We got Reince Priebus and trying to get him mad. I think we did that already. Hes so defensive. Have you seen him any of the shows. Theyre preparing for cleveland. Down in florida with ted cruz for three days. I know. They s
A year earlier. Chinas Producer Price index dropped more than 6 . 43rd straight month of declines. Delaying its plan amid market volatility and four of the five companies that have gone public priced offerings below their expected range. Two ipos to watch today. First data and super market chain are both scheduled to price this afternoon but of course already starting to see cracks in the ipo market. Well see where those two go. Shares of sandisk jumping this morning. The flash Memory Company hired a bank to explore a sale of Micron Technology and Western Digital said to be in talks with sandisk. Merger is going through. Well talk about that. But is it the end or the beginning . Were getting closer to the end. But its frothey. These are 60 and 100 million deals too, right . I would argue all being done by companies that have weak fundamentals and thats the scary part. The question though, theyre slightly more rational than the deals at the real end of the bubble which is to say the pie