Good morning! Here are 10 things you need to know in markets today.
German consumer confidence just smashed to a new 14 year high for the June survey, according to GfK’s latest release. The survey hit a high of 10.2, the strongest since 2001. The May survey recorded a score of 10.1. Analysts were expecting the measure to drop very marginally, down to 10.
Bernanke doesn’t see anything extreme in US markets. Former Federal Reserve Chairman Ben Bernanke said on Wednesday there were no signs of extreme movements in the US real estate and financial markets. “As long as the financial system is healthy, even if there’s movement in prices that’s OK. I don’t see anything that’s extreme,” Bernanke said when asked if he was worried about asset price bubbles in the United States.
But current Fed vice chair Stanley Fischer expects spill-over effects when rates do rise. “We should also expect spillovers when monetary policy is tightened,” said Fischer, speaking at Tel Aviv University. “Central bank communications can be a tricky business.”
The Queen is about to open parliament and announce the EU referendum. Britain’s Queen Elizabeth will set out the government’s plans for a European Union membership referendum on Wednesday as Prime Minister David Cameron faces pressure to explain when it will be held and what changes to the EU he wants before then.
Snapchat’s CEO wants the company to float. Snapchat CEO Evan Spiegel doesn’t plan on getting acquired, he said on stage at Re/code’s Code Conference Tuesday evening. “We need to IPO,” he said. “We have a plan to do that.”
Libya’s premier says he survived an assassination attempt. Libya’s official premier Abdullah al-Thinni said he survived an assassination attempt after leaving a parliamentary session on Tuesday in the eastern city of Tobruk. “Thank God, we managed to escape,” he told pan-Arab news channel al-Arabiya.
Holcim and Lafarge just finalised their post-merger executive committee. Swiss cement maker Holcim and French merger partner Lafarge said on Wednesday they had finalised the make-up of the future 10-member executive committee of the combined LafargeHolcim.
Asian markets are down. Japan’s Nikkei is effectively flat, down just 0.02%, but The Shanghai Composite Index is down further, 0.29% below Tuesday’s close. Hong Kong’s Hang Seng is also 0.79% lower.
A former Petrobras executive was jailed in Brazil. A Brazilian judge on Tuesday jailed a former executive with Brazil’s state-owned oil giant Petrobras for five years for his role in a huge graft scandal after evidence emerged of a massive kickbacks scandal benefiting politicians. Nestor Cervero, former director of Petrobras’ international division, was found guilty of money laundering.
The Irish government is selling its airline stake. The Irish government is to sell its 25% stake in flag carrier Aer Lingus to British Airways owner International Airlines Group, the transport minister said on Tuesday.