Good morning! Here’s what you need to know in markets today.
Greece finally has a plan. On Thursday, Greece submitted its latest round of bailout proposal to its European creditors, ahead of a midnight deadline. The government seems to be requesting a three year bailout, similar to the European Commission’s plan presented on June 26.
Janet Yellen will speak. At 12:30 New York time (5:30 UK time) Janet Yellen will give a speech about the US economic outlook in Ohio. Investors will be watching closely for hints about the Federal Reserve’s next move.
Apple has had a 4-day losing streak. Apple’s stock had its first five-session losing streak since January on Thursday as investors worried about the economic health of China, a key market for iPhones. Apple shares were down 2.04 per cent on Thursday and about 4% since July 1.
The UK’s balance of trade is coming. At 9:30 a.m. UK time (4:30 a.m. New York), the UK’s trade balance figures for May will be released. Analysts are expecting a trade deficit in goods worth £9.65 billion ($US14.86 billion).
Citi has been ordered to pay out in a Chinese metals case. Citigroup has been ordered to pay Swiss-based commodities merchant Mercuria almost $US14 million (£9.09 million) as part of prolonged legal wrangling over Chinese metals financing deals hit by suspected fraud, a report on Wednesday said.
Hillary Clinton will be grilled by union leaders about US trade deals. US Democratic presidential candidate Hillary Clinton will meet privately this month with leaders of the nation’s largest labour federation as she seeks to prevent a revolt by union members infuriated by her cautious stance on a looming trade deal, labour sources told Reuters.
Uber is pushing back against a California lawsuit. A lawsuit filed by drivers against ride service Uber should not proceed as a class action, the company argued in a court filing on Thursday, citing written statements of support from hundreds of other Uber drivers in a case that could decide whether they are independent contractors or employees.
Chinese shares are climbing again. After a vicious sell-off over the last three weeks, Chinese shares bounced on both Thursday and Friday. The Shanghai Composite is currently up 5.3%, followed by Hong Kong’s Hang Seng, up 2.2%. Japan’s Nikkei is down 0.14%.
The UK has dropped charges against the “London Whale.” According to the Financial Times, the UK’s Financial Conduct Authority has dropped its pursuit of Bruno Iksil, the former JP Morgan trader who made $US6.2 (£4.02 billion) billion in losses.
Alibaba is supporting an arrested executive. Alibaba’s head of digital entertainment, Patrick Liu, was recently taken into police custody and Alibaba say they will provide him with legal support, according to Bloomberg.
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