Google’s punishment; Elon Musk apologizes; Morgan Stanley earnings


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1. Google’s woes in Europe: The European Fee is anticipated to announce a serious antitrust high-quality towards Google (GOOGL) over allegations that it pushed its apps on smartphone customers and thwarted rivals.

The accusations have been below investigation since 2015. An announcement is anticipated round 7 a.m. ET.

EU regulators have taken a way more adversarial strategy to huge tech firms than their US counterparts, particularly in terms of competitors, knowledge safety and tax points.

2. Elon Musk apologizes: Tesla (TSLA) boss Elon Musk has apologized for calling one of many males concerned within the Thai cave rescue mission a “pedo,” or pedophile.

Musk confronted an intense backlash over the unfounded declare towards Vernon Unsworth, an skilled caver who participated within the rescue mission that saved 12 boys and their soccer coach from a flooded collapse Thailand.

The chief mentioned on Twitter that whereas Unsworth provoked him, “his actions towards me don’t justify my actions towards him, and for that I apologize to Mr. Unsworth and to the businesses I signify as chief. The fault is mine and mine alone.”

Gene Munster, a high tech analyst and the managing associate at Loup Ventures, wrote an open letter to Musk this week urging him to rein in his outbursts and erratic habits so he would possibly “regain investor confidence.”

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three. Market movers — EasyJet, Texas Devices: Shares in EasyJet (ESYJY) elevated three% in London as traders cheered the newest quarterly replace from the low-cost provider.

Shares in Texas Devices (TXN) might take a success on the open after its new CEO unexpectedly stepped down.

Texas Devices mentioned CEO Brian Crutcher resigned due to private habits that violated the corporate’s code of conduct. Crutcher, a 22-year veteran of the corporate, simply took over as CEO final month.

“The violations are associated to private habits that isn’t according to our ethics and core values, however not associated to firm technique, operations or monetary reporting,” the corporate mentioned in a press release Tuesday.

four. International market overview: US inventory futures have been holding regular.

European markets have been blended in early buying and selling.

Asian markets have been extra risky, with the Grasp Seng dropping 1.2%. The Nikkei closed with a zero.four% acquire.

The Dow Jones industrial common gained zero.2% on Tuesday. The S&P 500 elevated zero.four% and the Nasdaq jumped zero.6% to hit a brand new file excessive.

The British pound is buying and selling near its lowest stage of the 12 months amid deep considerations over Brexit and the federal government’s technique for the divorce.

5. Earnings and economics: Morgan Stanley (MS) is releasing earnings earlier than the open.

Alcoa (AA), American Categorical (AXP), eBay (EBAY), IBM (IBM) and Kinder Morgan (KMI) will observe after the shut.

Federal Reserve chairman Jerome Powell continues his testimony on Capitol Hill, in entrance of the Home Monetary Providers Committee.

The US central financial institution will launch its Beige Guide at 2 p.m. ET, giving traders and economists deeper perception into the well being of the US financial system.

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6. Coming this week:

Wednesday — American Categorical (AXP) and eBay (EBAY) earnings
Thursday — Domino’s (DPZ) and Microsoft (MSFT) earnings
Friday — GE (GE) earnings

CNNMoney (London) First revealed July 18, 2018: four:50 AM ET

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