Good morning. Here’s what you need to know.
- Asian indices were up in overnight trading with the Shanghai Composite up 1.1%. Major European indices are in the green and U.S. markets have opened in the green.
- The People’s Bank of China announced a 0.5% rate hike after inflation hit 5.5% in May. There was, however, a bunch of strong economic data from the country for May with industrial production jumping 13.3% year-over-year beating estimates, and retail sales up 16.9%. Check out 18 facts about China that will blow your mind >
- UK annual CPI held steady at 4.5% in May and its retail prices index, a measure of inflation that includes mortgage payments, also stayed the same at 5.2%. Now here’s a little perspective on inflation >
- Greece raised €1.625 billion from sales of its six-month treasury bills. The yield was up 8 basis points from May to 4.96%. Yesterday S&P cut Greece’s credit rating three notches to CCC making it the lowest rated sovereign in the world. Refresher: Here’s who gets slammed if Greece defaults >
- New Jersey headquartered car rental firm Avis Budget Group Inc. is expected to buy its European counterpart Avis Europe Plc for about $1.04 billion in cash, to expand its reach in international markets including China and India. Don’t miss: The 10 hottest selling cars in America >
- PPI for May came in higher than expected, up 7.3% year-over-year and 0.2% month over month >
- The OECD expects a slight slowdown in major economies. The U.S. is expected to have a moderate but stable recovery at 2.8% year-over-year, according to the report. The eurozone is expected to show a “mild loss”, while the BRICs are expected to see their pace of growth easing. The report suggested that India could see double-digit growth in the medium term if it puts the right monetary policy in place. Here are the hardest working countries in the world >
- Taiwan’s financial regulator is reported to be reviewing KKR’s $1.6 billion bid for electronics maker Yageo after expressing concerns about the deal’s debt ratio and the rights of its minority shareholders.
- May headline retail sales were down 0.2% but core sales excluding auto and gas were up 0.3% >
- Retailer Tesco posted a 0.1% drop in Q1 UK sales, compared with a 0.7% decline in the last quarter. Excluding petrol, group-wide sales however were up 6.7% year-over-year for the 13-weeks to May 28.
- BONUS: Eva Longoria is expected to be godmother to Victoria and David Beckham’s unborn daughter.
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