Good morning. Here’s what you need to know.
- Asian markets were mostly up in overnight trading, with the Hang Seng up 2.44 per cent. Europe is rallying on the Spanish bank bailout but markets are losing their early gains. Italy has actually turned negative. U.S. markets have opened higher.
- Spain managed to secure €100 billion in European aid to help recapitalize its banks over the weekend. But Spanish bond yields are higher this morning despite the bailout. BofA: The Spanish bailout won’t work without strict conditions >
- China’s exports climbed 15.3 per cent year-over-year (YoY) in May, and imports rose 12.7 per cent YoY, against last month’s 0.3 per cent rise. Meanwhile, Chinese new lending also beat analyst expectations.
- Apple’s annual Worldwide Developers Conference (WWDC) kicks off today with a keynote address from CEO Tim Cook. Apple is preparing to release new software. Now here’s every new product Apple is going to announce at its big event this week >
- In M&A news, General Electric is considering breaking off chunks of its lending business GE Capital on investor concerns that the conglomerate owns what essentially amounts to one of the nation’s largest banks. Meanwhile, Goldman is close to a deal to sell its hedge fund administration business to State Street Corp.
- China released a slew of data this weekend, with industrial production rising 9.6 per cent, retail sales up 13.8 per cent, and year-to-date FAI up 20.1 per cent, all on a year-over-year basis. Now here’s what China’s latest data means for markets and the Chinese economy >
- Ratings agency S&P has warned that India may be the first BRIC nation to lose its investment grade status. Don’t Miss: 8 charts that show what’s going wrong with the Indian economy >
- French industrial production rose 1.5 per cent in April from the previous month. The rise in industrial production was led by higher energy consumption.
- Italian Q1 GDP fell by 0.8 per cent from the previous quarter, and 1.4 per cent from a year ago, according to final results released by Italy’s national institute for statistics.
- ASUS has confirmed the longstanding rumour than Google would partner with the company to launch its new tablet.
- Bonus – Natalie Portman celebrated her 31st birthday by visiting a Jewish Centre in Los Angeles with her husband and son.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.