10 Things You Need To Know This Morning

Natalie Portman

Photo: AP

Good morning. Here’s what you need to know.

  • Asian indices were mixed in overnight trading with the Shanghai Composite down 0.9%. Major European indices are down and U.S. markets have opened in the red.
  • The yield on two-year Greek bonds continues to widen after emergency talks of European financial ministers in Brussels ended in a stalemate yesterday. Eurozone governments are considering a German-inspired plan to lend an additional €20 billion to recapitalize Greek banks. Meanwhile, workers across the country have gone on strike and tens of thousands of protestors are attempting to blockade the parliament. Refresher: Here’s who gets slammed if Greece restructures >
  • Now some mixed economic data from the UK. Unemployment fell by 88,000 to 2.43 million in the three months to April which has been the biggest drop in the last decade. The number of jobseekers claiming allowance in May however surged by 19,600 to 1.49 million. Now here are 15 Rich Countries Facing A Huge Youth Unemployment Problem >
  • CPI for May came in higher than expected at 0.2% and core CPI was reported up 0.3% versus estimates of 0.2% >
  • S&P has downgraded 4 Greek banks to ‘CCC’ from their original ‘B’ rating. Their outlook is negative.
  • The Empire State manufacturing index for June came in at -7.79, a huge miss from expectations of 12. Meanwhile, industrial production for May will be released at 9:15 AM ET. Expectations are for a 0.2% month-over-month change. Follow the release at Money Game >
  • Chairman of Dish Network Corp, billionaire Charlie Ergen, is reported to be nearing a minimum bid agreement of $1.2 – $1.4 billion for bankrupt telecommunications company Terrestar Networks Inc. Dish previously bought Blockbuster Inc. at a bankruptcy auction. 
  • Moody’s has placed French banks BNP Paribas, Crédit Agricole, and Société Générale on review over their exposure to Greek sovereign debt, and the potential impact this may have on their earnings. France’s banking sector has the largest exposure to Greece totaling $56.7 billion. Now here are the 16 strongest banks in the world >
  • Pandora raised $234.9 million in its IPO, after selling 14.7 million shares at $16 each. Share prices were first estimated at $7 – $9, and were then bumped up to the $10 – $12 range. The shares will trade on the NYSE, under the symbol P.
  • The National Association of Home Builders’ housing market index for June will be released at 10 AM ET. Follow the release at Money Game >
  • BONUS: Natalie Portman and fiancé Benjamin Millepied have welcomed a baby boy.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.