1. Toshiba shares tank: Shares in Toshiba dropped 12% in Japan on Tuesday after the company warned it’s expecting billion of dollars in losses related to its takeover of a nuclear business last year.
The losses come as Toshiba recovers from an accounting scandal that was discovered in April 2015. The company was found to be overstating profits for years.
2. Italian bank works on bailout: The world’s oldest operating bank — Monte dei Paschi — continues to work on securing a bailout from the Italian government.
But it will need more cash than previously thought. The bank disclosed late Monday that the European Central Bank has said €8.8 billion ($9.2 billion) will be required to fill the hole in its finances.
The central bank also warned that Monte dei Paschi’s financial position has deteriorated rapidly in recent weeks.
Trading in Monte dei Paschi shares has been suspended since Friday.
3. Global market overview: U.S. stock futures are looking a bit soft following the long Christmas weekend.
European markets are mostly rising in early trading. Asian markets are closing out the day with mixed results.
The Dow Jones industrial average, S&P 500 and Nasdaq all posted modest gains last week and are sitting near record highs.
Meanwhile, crude oil futures are trading near the highest level of the year, just above $53 per barrel.
4. Economics: The Case-Shiller home price index for October will be released at 9 a.m. ET, giving insight into the state of the U.S. housing market.
The Conference Board is releasing its Consumer Confidence data for December at 10 a.m.
5. Coming this week:
Tuesday – Conference Board releases Consumer Confidence data for December.
Wednesday – National Association of Realtors releases pending home sales data for November.
Thursday – The U.S. Department of Labor releases weekly jobless claims data.
Friday – U.S. bond market set to close at 2 p.m.