Good morning! Here are the things you need to know in markets today.
The leaders of France, Germany, the IMF, European Commission and ECB met. The heads of the IMF and European Central Bank unexpectedly joined talks on Greece’s debt crisis Monday as the cash-strapped country battles with its creditors to unlock desperately-needed bailout funds. It is thought that the meeting was intended to present a final proposal for a deal to Greece.
Eurozone inflation is coming. The eurozone’s consumer price index for May will be announced at 10 a.m. London time (5 a.m. New York). Analysts are expecting a rise of 0.2% on the year, which would be the first positive figure since November.
HSBC could cut 20,000 jobs. HSBC is planning to cut thousands of jobs globally and is set to make an announcement next week, Sky News reported on Monday, citing unidentified sources. An estimated 10,000 to 20,000 jobs will be cut, Sky News said, citing insiders.
Chancellor George Osborne will lay out plans to re-privatise RBS next week. According to the Financial Times, Osborne will use his Mansion House speech to announce the early steps of returning the troubled bank to market ownership.
The Yen has weakened past 125 to the dollar for the first time since 2002. The Japanese currency has been weakening steadily against the dollar for years now, and passed the benchmark overnight, according to Bloomberg.
Oil-producing cartel OPEC is likely to keep production high at its meeting this week. Having made the decision to fight it out, there is almost no reason to back off now. US shale producers have hung on longer than many anticipated. OPEC has inflicted a lot of damage across the US shale patch, but it hasn’t yet struck the deathblow that it had wanted.
Fiat Chrysler is reportedly delaying vehicle redesigns. Fiat Chrysler Automobiles in the past year has delayed the redesign or release of at least a dozen current or new vehicles in North America, according to suppliers familiar with the company’s plans. The unusual number of delays could let the automaker defer billions of dollars in investment while searching for a partner.
Mexico’s President has been forced into an embarrassing re-declaration of his assets. Under pressure to detail his personal wealth, Mexico’s president has made changes to his declaration of assets following a Reuters report that cast doubt on how he acquired one of his properties near Mexico City.
The restart of Japan’s first nuclear power plant since the Fukushima disaster is being delayed. Japan’s Kyushu Electric Power said on Tuesday it has delayed the restart of its Sendai nuclear plant in southwestern Japan until August, the first to be brought back into service under new rules introduced after the 2011 Fukushima disaster.
California’s Senate voted to raise the minimum wage to $US11 per hour. California’s minimum wage would rise to $US11 per hour next year under a bill passed by the state senate on Monday. The bill by San Francisco Democrat Mark Leno would supersede a measure passed less than two years ago raising the minimum wage to $US10 over the same period.