Photo: Marcelo Braga/Flickr
And we thought yesterday was quiet.First the scoreboard:
Dow: 13,165, -10.4, -0.0%
S&P 500: 1,402, +0.5, +0.0%
NASDAQ: 3,018, +7.3, +0.2%
And now the top stories:
- Overnight, China released a ton of economic data. In a nutshell, most measures reflected a slowing economy. However, inflation continues to cool off, which opens the door for more easing by China’s monetary authorities. Here’s An 80-Second Guide To Why The Job Of China’s Central Bank Just Got More Complicated >
- Greece reported that its unemployment rate climbed to 23.1 per cent in May from 22.6 in April. The youth unemployment rate is at a horrifying 54.9 per cent. But no one is surprised by bad news out of Greece these days.
- What was surprising was Greek industrial production, which unexpectedly climbed by 0.3 per cent. The Twitter vigilantes were all a twitter. But the conclusion seems to be that this is just a blip in data that’ll continue to deteriorate.
- In the U.S., weekly initial jobless claims fell to 361k from 367k a week ago. This was well below the 370k that economists were expecting.
- One thing that probably should’ve gotten more attention was corn prices, which surged to an all-time high of $8.22 per bushel. According to a new report from the UN, food prices around the world are up 6 per cent. Meanwhile, food reserves are at a 4-year low.
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