Bloomberg:
- G-7 Spares Russia New Sanctions Urging Ukraine Diplomacy. Group of Seven leaders spared Russia further sanctions in favor of diplomatic efforts to resolve the Ukraine crisis, giving the Kremlin another chance to cut off support to pro-Moscow separatists seeking to break up the country. The world’s leading industrial democracies urged Russia to complete the pullback of its troops from Ukraine’s eastern border, warning that “we stand ready to intensify targeted sanctions and to implement significant additional restrictive measures” in the absence of a peaceful settlement, according to a statement issued late yesterday after the first session of a two-day G-7 meeting in Brussels.
- China City Crash-Lands to Zero Growth on Coal Bust. Economic growth in the northern Chinese city of Taiyuan, Shanxi province, has crashed to zero from 12 percent in one year. Yan Xiaofeng’s coal-equipment business has gone down with it. Yan, 38, said last week that he’s recorded 1 million yuan ($160,000) in sales so far this year from supplying gear and parts to coal mines, down from more than 10 million yuan a year in the boom times of 2009. “The economy in Shanxi is very simple: It’s all about coal,” said Yan, who’s been in business in the region for 15 years. “When the coal industry is in decline, every other business follows.” Taiyuan’s hard landing shows how China’s transition to slower growth from decades averaging 10 percent expansion will be messy in some places, especially Shanxi, which is suffering from anti-pollution policies aimed at curtailing coal use. The city’s situation highlights the challenge for policy makers in coming up with jobs and industries to replace manufacturing in regions dependent on commodities with diminishing demand.
- Asia Stocks Trade Near 7-Month High Ahead of ECB Decision. Asia’s benchmark stock index traded near a seven-month high after better-than-forecast data on U.S. service industries and as investors await a European Central Bank policy decision. Westpac Banking Corp. (WBC) dropped 0.9 percent in Sydney, with financial shares the worst performing of 10 industry groups on the regional gauge. LG Household & Health Care Ltd. slumped 10 percent, the most in four months, in Seoul after the company’s vice chairman sold shares. Samsung SDI Co. advanced 4.8 percent after saying it will develop batteries with Ford Motor Co. The MSCI Asia Pacific Index (MXAP) slid 0.1 percent to 142.66 as of 10:36 a.m. in Hong Kong.
- Amazon(AMZN) Planning to Unveil Smartphone to Vie With Apple's(AAPL).
- Copper Near 3-Week Low Amid Reports of China Port Probe. Copper traded near a three-week low as investors weighed shrinking stockpiles against reports of a probe of metals warehousing at a Chinese port. The contract for delivery in three months on the London Metal Exchange was little changed at $6,784.25 a metric ton by 11:15 a.m. in Tokyo after trading between $6,772 and $6,796.75. The metal touched $6,760 yesterday, the lowest since May 12. Inventories tracked by the LME have dropped 54 percent this year to 168,475 tons, bourse data showed yesterday. Authorities in Qingdao have blocked some shipments of metals due to investigations into allegations that some metal consignments have been pledged multiple times as loan collateral, according to Reuters and Metal Bulletin reports.
- Jobs Are on the Line as Banks' Revenue Slides. Gap Between Trading Revenue and Employment Persists at Global Investment Banks.
- Sprint(S), T-Mobile Move Closer to a $32 Billion Deal. Sprint Would Buy T-Mobile for Around $40 a Share in Merger That Likely Would Face Regulator Scrutiny.
- Ford(F) Sees 'Significant' Quarterly Loss in South America. Automaker Points to Weak Currencies, Low Volumes.
- The Blue-State Path to Inequality. States that emphasize redistribution above growth have a wider gap between lower and higher incomes.
- Fox News Poll: 84 percent worry prisoner swap puts US soldiers at risk.
- Senators say classified briefing does little to quell concern over Bergdahl deal. Senators said Wednesday they still have a lot of questions after attending a classified White House briefing about the prisoner exchange with the Taliban to secure the release of Sgt. Bowe Bergdahl.
- This Is Who Was Buying Stocks When Bond Yields Were Collapsing... (graph)
- "Copper's Long-Term Bear Trend Is Resuming" BofAML Warns. (graph)
- Steve Liesman: "Debt Is The Bridge From Working Hard To Playing Hard In America". (video)
- The Single Best Commencement Speech Of 2014. (video)
- Why Central Bank Stimulus Cannot Bring Economic Recovery.
- Bergdahl's Homecoming Celebration Cancelled Amid Allegations Of Desertion.
- 7 In 10 Americans Believe The Crisis Is Not Over Or Worst Is Yet To Come: 52% Can't Afford Their Homes.
- Sgt. Bowe Bergdahl May Be Getting A Huge Amount Of Money After His Release.
- CHRIS MATTHEWS BLASTS OBAMA: Bergdahl Swap Was 'Nasty Deal Driven By Our Enemies'. (video)
- Putin Taunts US And Ukraine Leaders Ahead Of D-Day Anniversary Meeting.
Financial Times:
Telegraph: - Sliced and diced debt deals make roaring comeback. Certain securitisation deals have roared back in the US. The European market could soon come back to life after a prolonged hibernation. The Bank of England and the European Central Bank are now arguing that restarting parts of the securitisation market could help funnel credit to the wider economy and help transfer risk away from still-struggling banks.
- Boko Haram attack church dressed as Nigeria soldiers as dozens are killed in fresh raids. Militants allied to al-Qaeda continue strikes as Nigeria's military denies reports 15 senior officers court martialled for helping Islamist army.
- The nagging fear that QE itself may be causing deflation. The European Central Bank looks poised to cut the discount rate below zero on Thursday, becoming the first of the monetary superpowers to venture into these uncharted waters.
Pacific Crest:
- Rated (TWTR) Outperform.
- Asian equity indices are -.50% to unch. on average.
- Asia Ex-Japan Investment Grade CDS Index 105.75 -.75 basis point.
- Asia Pacific Sovereign CDS Index 79.25 -.5 basis point.
- FTSE-100 futures +.08%.
- S&P 500 futures -.05%.
- NASDAQ 100 futures -.05%.
Earnings of Note
Company/Estimate
- (SJM)/1.17
- (NAV)/-1.27
- (JOY)/.71
- (NX)/.00
- (CIEN)/.14
- (VRA)/.13
- (COO)/1.60
- (PAY)/.33
- (MW)/.67
- (ESI)/.71
- (TITN)/-.06
- (ZOES)/-.03
8:30 am EST
- Initial Jobless Claims are estimated to rise to 310K versus 300K the prior week.
- Continuing Claims are estimated to fall to 2625K versus 2631K prior.
- (AAPL) 7-for-1
- The Fed's Kocherlakota speaking, ECB rate decision, ECB's Draghi speaking, BoE rate decision, 1Q Household Change Net Worth, Challenger Job Cuts for May, RBC Consumer Outlook Index for June, weekly EIA natural gas inventory report, weekly Bloomberg Consumer Comfort Index, (BSFT) analyst day, (MDT) analyst meeting and the (ETR) analyst day could impact trading today.
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