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Good morning. Here’s what you need to know.
- Asian markets were higher in overnight trading with the Shanghai Composite up 1.3 per cent. Europe is mixed and U.S. markets opened lower.
- JP Morgan chief Jamie Dimon is testifying before the Senate Banking Committee at 10 a.m. ET today. Dimon is expected to talk about the $2 billion trading loss. Jamie Dimon heads to Capitol Hill – here’s his testimony >
- Dell shares rallied after hours on news that the company would issue a quarterly dividend of $0.08.
- In industry news, Philip Morris announced a new three-year share-repurchase totaling $18 billion scheduled to start August 1. It also declared a regular quarterly dividend of $0.77 per common share. Meanwhile, Yahoo and CNBC have formed a content sharing partnership.
- Greek’s are reportedly withdrawing money from banks ahead of the weekend election which could set in motion a Greek exit from the euro. Daily withdrawals have increased to the upper end of a €100 – 500 million range this month, according to Bloomberg. Now here’s what happens if Greece exits the euro >
- Producer prices plunged 1 per cent in May and retail sales fell 0.2 per cent in line with expectations >
- Italy auctioned €6.5 billion in one-year bills but borrowing costs surged to a six-month high of 3.972 per cent, up from 2.34 per cent a month ago. Tomorrow the Treasury will auction three-year bonds and two-longer dated issues. Don’t Miss: The next 9 crucial dates in the euro debt saga >
- Eurozone inflation fell to a 15-month low, with CPI easing to 2.4 per cent year-over-year in May, from 2.6 per cent the previous month.
- Japan’s core machinery orders climbed 5.7 per cent mum in April, after a 2.8 per cent decline the previous month.
- Business inventories for April will be released at 10 a.m. ET. Consensus is for a 0.3 per cent mum increase in inventories. Follow the release at Money Game >
- Bonus – Jennifer Aniston’s beau Justin Theroux said he goes to bed thinking he’s the luckiest guy in the world.