Deutsche Bank (DB) remains under pressure this morning, despite management reassurances, after falling to an all-time low Monday on concerns the German lender would have to raise more capital to cover an anticipated $14 billion settlement from U.S. regulators. (Seeking Alpha)
Perry Capital, founded by Richard Perry and Paul Leff in 1988, plans to wind down its main hedge funds. In a letter to investors, Perry wrote he believes “very strongly in our investments” but the market headwinds make the success ‘too unpredictable.” (Reuters)
The World Trade Organization cut its forecast for global trade growth this year by more than a third from April’s 2.8 percent estimate to 1.7 percent. The WTO said it reflects a slowdown in China and falling levels of imports into the U.S. (Reuters)
Oil prices were sharply lower this morning after U.S. crude climbed more than 3 percent on Monday. The rough patch for the market has forced Saudi Arabia to cut the salaries of its oil ministers by 20 percent and scale back lucrative perks. (Reuters)
Shale gas from the U.S. arrives on the shores of the Scotland for the first time today, Scotland currently bans the fracking technology used to extract the gas from the ground. (CNBC)
Morning Squawk’s stocks to watch:
Kite Pharma (KITE) reported upbeat results in a mid-stage clinical trial for its non-Hodgkin’s lymphoma treatment, saying more than 40 percent of patients showed complete remission.
Volkswagen shares were under pressure this morning on reports U.S. officials were pushing for an extremely large fine as the government and VW hold talks over a diesel emissions cheating settlement.
American Express (AXP) can bar merchants from steering customers toward other cheaper credit cards from competitors like MasterCard (MA) and Visa (V), according to a federal appeals court reversal.
The Labor Department has launched a “top-to-bottom” review of every complaint the agency received in recent years over Wells Fargo (WFC), which is under pressure after its massive secret account settlement.