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Here’s what you need to know before markets open.
1. A top Morgan Stanley strategist explains the risks to further US stimulus, but expects lawmakers to reach a deal. Michael Zezas says lawmakers may have to return to the table as Trump’s measures may not achieve intended relief in the short-term.
2. Wirecard, the fintech behind a $2 billion accounting scandal, leaves the DAX by August 21 after a new rule kicks in. German stock operator Deutsche Boerse said that insolvent firms have 2 days notice to leave the blue-chip DAX index from August 19.
3. A renowned economist breaks down what the Kamala Harris VP pick means for markets. Allison Schrager said that Joe Biden’s picking Kamala Harris was a predictable move and that markets seemed comfortable with her on the ballot.
4. If Congress can’t reach an agreement by Friday, Americans probably won’t see a 2nd stimulus check until September at the earliest. The IRS is “better positioned” to send stimulus checks in August than it was in April, a union representative said.
5. Former hedge-fund titan Michael Novogratz breaks down 4 reasons why bitcoin is heading to $20,000 by year-end. “You’re cautious to be that bullish publicly, but I haven’t seen things line up as well in a long time,” said Michael Novogratz.
6. The CEO of an $815 million ETF provider explains how to build the perfect portfolio for today’s market using just 3 low-cost funds. Noah Hamman of AdvisorShares said investors could build a strong and diversified foundation for themselves with just three ETFs.
7. A 50-year gold vet and co-creator of its largest ETF shared 2 strategies investors should be using now amid the rise to new highs – and told us why his ‘bull-case scenario’ hasn’t yet come to pass. “I’m definitely leaning to the optimistic side and I’m not expecting to see the bear-case come to pass,” says State Street’s George Milling-Stanley.
8. Global stocks are mixed. In Europe, Germany’s DAX fell 0.2%, Britain’s FTSE 100 fell 1% and the Euro Stoxx 50 fell 0.2%. In Asia, China’s Shanghai Composite and Hong Kong’s Hang Seng were about flat, and Japan’s Nikkei rose 1.7% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the US Tech 100 were mostly flat.
9. Earnings expected today. Mitsubishi, Swisscom, Carlsberg, and Fujifilm are highlights.
10. On the data docket. Initial weekly jobless claims, the US 4-week bill auction, and 30-year bond auction are due.
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