Top 5 Things to Know in the Market on Tuesday

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Top Five Financial Market Updates for Tuesday, August 2

1. Yen Hits Three-Week High as Japan’s Stimulus Disappoints

   On Tuesday, the yen climbed to a three-week high after investors expressed disappointment over the details of Prime Minister Shinzo Abe’s new stimulus package. The package features 13.5 trillion yen in fiscal measures, but only about 7.5 trillion yen will be new direct spending over the next two years. Though the total figure announced was 28.1 trillion yen, much of it consists of public-private partnerships and other non-government spending, which may not provide an immediate boost to economic growth. The dollar fell to a low of 101.47 yen, the weakest level since July 11, and was last recorded at 101.68, down 0.7% for the day.

2. Oil Prices Increase but Stay in Bear Market

   Oil prices experienced a slight uptick on Tuesday despite ongoing concerns over rising production in the U.S. and increases from OPEC members. During the morning session in New York, crude rose by 32 cents, or 0.8%, trading at $40.38 per barrel, while Brent crude climbed 41 cents, or 0.97%, to $42.55 per barrel. Crude futures remain more than 20% lower than their highs above $50 from early June, indicating a bear market as the recovery in U.S. drilling and high fuel inventories continue to exert downward pressure.

3. Global Stock Markets Decline as Sentiment Deteriorates

   Global equity markets were lower on Tuesday, with investors anticipating new corporate earnings reports and U.S. economic data while monitoring oil prices. European stocks, particularly in mid-morning trading, were affected by declines in banking shares as concerns surrounding the health of regional banks persisted. Markets were largely influenced by a modest downturn seen on Wall Street earlier in the day.

4. Credit Suisse and Deutsche Bank Removed from Euro STOXX 50 Index

   Swiss bank Credit Suisse Group and Germany’s Deutsche Bank are set to be removed from the Euro STOXX 50 index next week, signaling further difficulties for the banking sector. This will be the first time since 1998 that Deutsche Bank will not be a part of the index. Shares of both institutions dropped significantly on Tuesday, with Credit Suisse down over 6% in Switzerland and Deutsche Bank declining by 3.5% in Frankfurt.

5. Reserve Bank of Australia Cuts Cash Rate to Record Low

   The Reserve Bank of Australia (RBA) announced a quarter percentage point cut to the cash rate, bringing it to an all-time low as it addresses record-low inflation and a slowing job market. In a statement, RBA Governor Glenn Stevens indicated that the global economy is growing at a slower-than-average pace, impacting several emerging markets. Following the announcement, the Australian dollar fell to as low as $0.7492 but later rebounded to around $0.7573 amid speculation that the central bank may have concluded its current easing cycle.

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