10 Things You Need To Know This Morning

Gwyneth Paltrow

Photo: AP

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

  • Asian indices were down in overnight trading with the Nikkei plummeting 1.7%. Major European indices are in the red and U.S. futures indicate a negative open.
  • It has been reported that Germany may be pushing to delay the second rescue package for Greece until September. Olli Rehn, the European commissioner for economic and monetary affairs, however said that a tranche of cash will be delivered in July. Meanwhile, shares in Athens are down over 1%, Greek CDS hit a record 1,900 bps, and 2-year yields are modestly higher. Don’t miss the 21 countries most likely to default >
  • More terrible economic data from the UK. Retail sales for May came in at -1.4% month-over-month missing expectations. Year-over-year the figure is 0.2% missing projections of 1.5%. Now here are 12 countries where consumers are about to spend like crazy >
  • India’s central bank raised benchmark lending rates by 25 bps. The repo rate was raised to 7.5% and the reverse repo rate increased to 6.5%. This has been the tenth rate hike since March 2010 and comes after inflation remained high at 9.06% in May. Now here are 15 facts about India that will blow your mind >
  • Energy Transfer Equity, L.P. will acquire diversified natural gas company Southern Union Company for $7.9 billion, under a definitive merger agreement. This would include about $3.7 billion of existing Southern Union  debt.
  • Terex Corp has offered German Demag Cranes AG €45.50 per share a deal that would value the company €963 million, and has agreed to give Demag autonomy after the deal. In May, Demag rejected Terex’s €41.75 bid, that would have valued the company at €883 million. Check out the shale gas revolution in twelve slides >
  • Initial jobless claims fell to 414K slightly better than expected. Housing starts for May beat expectations as well, with building permits hitting 612K, up 8.7% from 551K >
  • It has been reported that private equity giant Carlyle Group is expected to file its IPO prospectus with the SEC in the third quarter. The IPO is expected to raise around $1 billion.
  • American meat producer Smithfield Foods Inc posted higher than expected Q4 profits. The company earned $0.85 a share, on revenue of $3.12 billion compared with $2.91 billion a year ago. Profits were driven by higher prices in its hog and pork units. Check out the 10 economies that will crumble if food prices keep surging >
  • The Philadelphia Fed’s general business conditions index had a huge miss. The -7.7 reading for June came in below expectations of 7, and lower than 3.9 from the previous month >
  • BONUS – Gwyneth Paltrow was honored for her contributions to Yoga, at the Bent on Learning benefit in New York.

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