Good morning! Here’s what you need to know.
Argentina is back selling bonds. Argentina made its return to international financial markets Monday, receiving offers from investors for its sovereign bonds in its first debt sale in 15 years.
Banks’ wealth management arms are shrivelling. Morgan Stanley joined Wells Fargo & Co and Bank of America Corp in reporting weaker wealth management profits, citing less client activity and “an unfavorable market environment” as well as fewer trading days than the year-ago period.
China will continue to support its stell industry. China has done “more than enough” to reduce capacity in its steel sector, the country’s commerce ministry spokesman said on Tuesday in Beijing.
UBS is being sued. UBS went to trial on Monday over $2.1 billion in losses that investors incurred on mortgage-backed securities after the collapse of the US housing market.
VW has been told to cut manager pay. Volkswagen’s management board should volunteer to cut their bonus payments, the company’s powerful labour chief Bernd Osterloh told German daily Handelsblatt.
France wants the UK in the EU. Britain should stay in the European Union, but regardless how it votes on June 23, the EU needs to forge closer ties to get out of its economic rut, the head of the French central bank said.
The latest Brexit poll is good for David Cameron. Fifty-four per cent of Britons would vote to remain in the European Union while 46 per cent would opt to leave, according to an ICM telephone poll for the Guardian newspaper.
There was an explosion in Israel. An explosion aboard a bus in Jerusalem caused around 20 casualties on Monday, Israeli media said, and police said initial indications were that it was a militant attack.
Spain could get fresh elections. Members of Spanish anti-austerity party Podemos have rejected joining an alliance with the left-wing Socialists that includes centrist Ciudadanos, increasing the chances of a June re-run after an inconclusive national election in December.
The Greek tragedy continues. Greece’s international lenders are resuming talks in Athens with the aim of concluding a review of Greek reforms “as soon as possible”, the European Commission said.