Good morning. Here’s what you need to know.
- Asian indices were up in overnight trading with the Nikkei up 0.74%. Major European indices are mixed and U.S. markets have opened in the green.
- Though EU economic and monetary Commissioner Olli Rehn has denied a Plan B for Greece, it is being reported that European officials are working on an alternative if Greece were to reject the austerity bill after a parliamentary vote tomorrow. The plan aims to prevent default and to avoid contagion. Unions around Greece have begun a 48-hour strike. Meanwhile, Greek short term yields slipped lower today. Now here’s a quick guide to who gets crushed if Greece defaults >
- While stocks in Athens rallied this morning on belief that the austerity bill would be voted through, Italy’s FTSE MIB index is falling. This comes after Italian yields rose at its short-term debt sale yesterday.
- UK third estimate of Q1 GDP was unrevised at 0.5%. Construction output was however revised upwards but was cancelled out by a downward revision in manufacturing. Now here are the hardest working countries in the world >
- Nike posted better than expected Q4 earnings. Net profit was up to $1.24 per share on overall revenue of $5.77 billion, compared with analyst expectations of $1.16 per share on revenue of $5.53 billion. Nike shares were up in after-hours trading. Meanwhile sales are expected to be strong in China and North America in the coming months.
- Germany and China will hold a joint cabinet meeting today and sign contracts to boost trade between the two countries. German Chancellor Angela Merkel is expected to bring up human rights issues during Chinese Premier Wen Jiabao’s visit and both are also set to discuss reforms to global currency system. Don’t miss: The 10 countries that will dominate world trade in 2050 >
- The S&P/Case-Shiller home price index for April fell 3.96% from a year-ago >
- New Jersey officials are considering borrowing $2.25 billion in a “bridge loan” from JP Morgan to make-up for the state’s cash shortfall. The interest rate could soar to 9% if the state fails to pay the bank back in six months.
- Consumer confidence data for June will be released at 10 AM ET. Consensus is for a rise to 62. Follow the release at Money Game >
- Close to 50 members of European financial institutions met in Rome yesterday to discuss plans to extend a significant portion of Greece’s maturing sovereign debt for up to 30 years. The move would be similar to the Brady bonds used to bail out Latin America. Check out the 20 institutions most exposed to a Greek default >
- BONUS: Kate Middleton and Prince William were spotted doing the Mexican wave at centre Court during Wimbledon.
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