Volkswagen's price tag to settle lawsuits in the U.S. over its rigging of diesel emissions tests has jumped to more than $15B - $5B more than previously reported - with a settlement expected to be filed in a San Francisco court today. According to several sources, VW's deal includes $10B for the buyback of 475K polluting vehicles and nearly $5B for fines and funds to boost clean-emissions technology. (Sa)
A recovery is taking shape across the globe after a record $3T in market cap was wiped off the board in just two trading days and the pound fell to its lowest level in over 30 years. Hopes of a more coordinated central bank response to support the financial markets and firmer oil prices are helping stocks claw back some of their losses following the Brexit battering. The Dow and S&P are still in negative territory, down 1.6% and 2.1%, respectively year to date.
Finally, as both the UK's major political parties continue to implode with vicious infighting, David Cameron today attends a final painful EU summit as the UK's prime minister, where he will urge European leaders to consider the key lessons of Brexit and give his analysis of the vote over dinner. (Ft)
S&P 500 futures are up 22 and NASDAQ futures are up 48. The MSCI International Index is up about 1.5%
Oil is up $1.21 at $47.54 a barrel.
Gold is down $10 at $1315 a Troy ounce.
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.