It's the Fed's big day, Twitter tanks and Total results shine a bright spot on the oil rout. Here are some of the things that people in markets are talking about this morning.
Fed decision day
The Federal Reserve concludes a meeting on monetary policy today. Investors will be combing the post-meeting statement for signs that rates may go up at the next meeting in September.
Twitter talks down stock; Facebook reports
After Twitter posted revenue that topped estimates, interim CEO Jack Dorsey struck a critical tone on the conference call, saying user growth won’t improve until the company reaches a mass market -- something that will take a mixture of product improvements and marketing. Dorsey's candid comments won him some plaudits, but he killed the stock gain. Twitter Inc. slipped 13 percent in premarket trading. Facebook is due to report second-quarter earnings after the market close. Analysts expect adjusted EPS of 47 cents and sales of $3.99 billion. Facebook shares have gained 22 percent this year.
Big oil beat
Total posted a better-than-expected profit in the second quarter after production and refining surged, which almost made up for the slump in crude prices. Oil resumed a decline today ahead of data forecast to show inventories expanded. Meanwhile, BP and Chevron are among firms seeking large discounts from contractors and sending some projects back to the drawing board to save costs.
Russia halts ruble rout
Russia’s central bank halted purchases of foreign currency to replenish the country’s international reserves, sending the ruble toward its biggest gain in almost three weeks. The ruble’s three-month implied volatility, a measure of exchange-rate swings, is at 19 percent, the highest globally.
Deals, deals, deals
July isn’t even over, and yet dealmaking is already on track for the busiest third quarter on record: volumes are set to surpass $1 trillion. This quarter alone, $406 billion in M&A has been announced globally, including $170 billion in the past week. At this pace, global deals will beat the record set over the summer of 2007, when $933.4 billion of transactions were proposed.
What we've been reading
This is what's caught our eye over the last 24 hours.
- Why the world’s biggest distressed-debt investor sees a toxic brew of China, oil and Greece cracking markets.
- India's warning to China: a $61 billion submarine killer.
- China's currency policy is a mess.
- The world's top three shipbuilders report record losses.
- Nobody seems to love gold anymore.
- The hardest thing about starting a hedge fund is picking the name.
- Zimbabwe arrests 2 for killing beloved 'Cecil' the lion.
Want to receive this post, and more, into your inbox every morning? Sign up here.