Good morning. Here’s what you need to know.
- Asian indices were mostly down in overnight trading, with the Nikkei falling 0.70%. Major European indices are mixed and U.S. markets have opened in the green.
- Chinese credit growth has slowed. Chinese banks lent 551.6 billion yuan in local currency loans in May, lower than expectations of 610 billion yuan. China’s M2 measure of money supply slipped to growth of 15.1% in May, from 15.3% the previous month. Now here are 15 companies that will get slammed in an Asian downturn >
- Yields on 2-year Greek bonds have widened, passing the 26% mark. Meanwhile demonstrators continue to protest new austerity measures and public support for the main parties has plunged. Refresher: Here’s who gets slammed if Greece restructures >
- Horizon Acquisition is expected to buy U.S.-based APR Energy for $855 million. The deal is a threat to temporary power supply market leader Aggreko. Horizon will own 59% of new APR Energy. Check out the 15 cheapest places to buy gas in the world >
- HSBC Holdings CEO has said the company will “run down” its $33 billion U.S. credit card business if it cannot find a buyer. The move is part of the HSBC’s efforts to reduce its retail banking operations and cut costs. Meanwhile, it aims to double its revenue from trade finance. Don’t miss: The 16 strongest banks in the world >
- Allied World Assurance Co. Holdings has agreed to buy Transatlantic Holdings for $3.2 billion in stock, and the merger would create a reinsurer that would operate in 18 countries. Transatlantic shareholders will get 0.88 Allied World share each.
- Israeli central bank governor Stanley Fischer has entered the IMF race but has admitted he stands a slim chance. Fischer is over the age limit and may face opposition from Arab countries. Now here are 14 charts from the epic IMF report on the global economy >
- VF Corporation and The Timberland Company have signed a definitive merger agreement. Timberland shareholders will receive $43 a share.
- Pfizer is looking to extend its patent on Viagra until 2019, in a federal trial that is expected to start Wednesday. The pill accounts for an annual $1 billion in U.S. sales and Pfizer recently sued Israeli Teva Pharmaceutical Industries Ltd. to prevent it from selling a generic form of the drug after its patent expires in 2012. Now here are 13 hugs trends in America’s prescription drug habit >
- Glencore Plc is reported to be considering spending funds from its IPO to acquire shares in Eurasian Natural Resources Corp. for $19.48 billion. ENRC shares rose 4% on the news.
- BONUS: Denise Richards and her daughter were spotted at the annual Time For Heroes Celebrity Picnic to raise money for the Elizabeth Glaser Pediatric AIDS Foundation.
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