Photo: Oli Scarff/Getty Images
Good morning. Here’s what you need to know.
- Asian markets rallied in overnight trading with the Hang Seng surging 2.26 per cent on speculation that global central banks will act to support the global economy. Europe is higher and U.S. futures are modestly higher.
- Reports emerged late yesterday that central banks are planning coordinated liquidity measures in the event that the Greek election sets off pressure in global financial markets.
- All eyes are on the Greek elections on June 17. Polls have been mixed with some putting SYRIZA in the lead and others, New Democracy. Don’t Miss: This is what happens if Greece exits the euro >
- The Bank of Japan maintained the size of its asset-purchase program at 40 trillion yen and its credit lending program at 30 trillion yen. The bank said however that it could ease more if global markets deteriorate.
- Moody’s downgraded five Dutch banks and warned that a ‘Grexit’ could cause further cuts across Europe. The ratings agency set a stable outlook to the ratings of four banks but kept a negative outlook for ING Bank.
- This weekend will also see elections in Egypt which will determine U.S. policy in the Middle East over the next few years. And France will have the second round of its legislative elections on June 17. There’s another crucial European election this weekend that you should be watching >
- Manufacturing in the northeast crumbled with the Empire State manufacturing survey plunging to 2.29 in June >
- Mexican billionaire Carlos Slim’s America Movil SAB has agreed to buy a 21 per cent stake in Telekom Austria. This is part of American Movil’s strategy of expanding into Europe.
- The UK trade deficit widened more than expected to £4.4 billion in April from £3 billion the previous month. Exports plunged in the UK, as demand for cars was weak outside of the eurozone. These 10 countries will command world trade in 2050 >
- Industrial production fell 0.1 per cent in May, against expectations that it would stay flat. Consumer sentiment for June will be out at 9:55 a.m. ET. Consensus is for consumer sentiment to decline to 77.5. Follow the release at Money Game >
- Bonus – Heidi Klum was drinking beer on Spanish TV show El Hormiguero (The Anthill).
BI Intelligence is a new subscription research service that provides real–time insight, information, and analysis of the Internet industry. Subscribe now and you’ll get briefs, notes, interviews, and in–depth reports, as well as a library of charts and data that will help you stay on top of key trends and dynamics.
Try it free for four weeks. Click here to sign up.