Good morning! Here are the things you need to know in markets today.
Greek Prime Minister Alexis Tsipras is meeting European Commission President Jean-Claude Juncker today for make-or-break bailout talks. Greece and its international creditors have exchanged proposals for a deal to unlock €7.2 billion (£5.2 billion/$US8.0 billion) to help Athens make Friday’s repayment deadline.
The European Central Bank is expected to remain cautious about the growth prospects for the euro area at its meeting later today. The ECB’s decision-making governing council is unlikely to announce any new moves at its regular policy meeting, central bank watchers predicted. The ECB believes its programme of bond buying is helping get the eurozone economy moving.
European retail spending figures are due at 10 a.m London time (5a.m EST). These are a key indicator of the health of the eurozone, with consumer spending driving the recovery in country’s like France.
Asian markets are down after weak sessions in Europe and the US. Japan’s Nikkei has closed down 0.45%, while the Shanghai Composite is down over 1%. The Hang Seng is bucking the trend, up 0.7% at the moment.
Activity in China‘s services sector accelerated in May as new business rose at the fastest pace in three years. The headline HSBC/Markit Purchasing Managers’ Index (PMI) for May was 53.5, up from 52.9 in April and well above the 50-point level that separates expansion from contraction, Reuters reports.
Samsung Electronics has announced plans to bring its Samsung Pay mobile payments service to markets such as Europe and China after an initial launch in South Korea and the US later this year. The service is a rival to Apple Pay and lets people buy things by scanning their phone.
Figures released overnight show Australia beat GDP growth expectations in the first quarter. Over the quarter the economy grew by 0.9%, leaving the annual rate of growth at 2.3%. Analysts had been expecting a quarterly increase of 0.7% with annual growth of 2.0%.
The City of London could see 39,000 jobs created over the next decade if economic and regulatory conditions remain favourable, according to a new report. In total there could be 145,000 new jobs in Central London by 2025 adding £16 billion ($US24.5 billion) to the financial district’s economic output, Bloomberg reports.
US President Barack Obama has signed into law landmark legislation ending the government’s bulk telephone data capture programme. The move significantly reverses American policy by reining in the most controversial surveillance program since 9/11. But the bill has reauthorises key national security programs that had lapsed early this week.
Finding a replacement for Sepp Blatter as the head of FIFA could take months. The Wall Street Journal says a lack of clear candidates and FIFA’s complex structure means it will be difficult finding a replacement for Blatter, who resigned yesterday amid the organisation’s ongoing corruption scandal.