Good morning. Here’s what you need to know.
- Asian markets ended in the red with the Hang Seng down 1.15 per cent on concerns about European borrowing costs and the Greek election this weekend. Europe is selling off and U.S. markets have opened higher.
- Moody’s cut Spain’s government bond rating from A3 to Baa3 late yesterday, and placed the country on review for a further downgrade. Meanwhile, the Spanish 10-year yield hit the 7 per cent mark today. Now here are 14 reasons Spain is turning into a disaster >
- Italian borrowing costs surged at its debt auction today. Italy sold €4.5 billion in mid to long-term bonds meeting the top end of its target range. The yield on its three-year bond climbed to 5.30 per cent. Don’t Miss: The next nine crucial events in the euro debt saga >
- Nokia announced that it will cut 10,000 job by the end 2013. This is over the nearly 14,000 job losses it announced last year. The company also announced changes to its management and issued a profit warning.
- The Swiss central bank has promised to defend its franc cap to protect its economy from risks in the Eurozone. The SNB maintained its ceiling at 1.20 francs per euro.
- Initial jobless claims jumped to 386K and last week’s reading was revised higher >
- Microsoft is in talks to buy Yammer for over $1 billion and a deal could be reached as soon as Friday.
- Indian inflation came in higher than expected. The wholesale-price index increased 7.55 per cent year-over-year in May. The Indian economy is a wreck: These 8 charts show what’s going wrong >
- Greece’s unemployment rate jumped to 22.6 per cent in the first quarter, up from 20.7 per cent the previous quarter. Now here’s a complete guide to the developed world’s unemployment problem >
- Consumer prices fell 0.3 per cent in May, exceeding analyst expectations for a 0.2 per cent drop. Meanwhile, the country’s current account deficit deepened to $137.3 billion in the first quarter.
- Bonus – Kate Hudson was spotted holidaying with her family in Greece.
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