Good morning! Here’s what you need to know.
- Japan’s Nikkei sunk -1.59% but other Asian markets fared better. Australia’s S&P/ASX 200 climbed 1.07% and Korea’s Kospi gained 0.30%. European markets across the board were slightly higher.
- Weekly jobless claims beat estimates, coming in at 333,000. That’s the lowest level in six years. Consensus was for 336,000. The International Council of Shopping Centres in conjunction with Goldman Sachs will also release chain store sales data.
- Orbitz, PriceLine, Advance Auto Parts, Noodles & Co. and T-Mobile announce earnings today.
- China’s latest trade data beat expectations today but some analysts are already questioning the validity of the print. “One important question in investors’ mind is whether we can trust the quality of these trade statistics because they were significantly manipulated between October 2012 and April 2013,” Bank of America Merrill Lynch’s Ting Lu writes. “As RMB/USD stopped appreciating, hot money started flowing out and the government took severe measures to crack down on fake trade after April, we believe the quality of trade data was improved a lot.”
- As expected, the Bank of Japan did not announce any adjustments to its current policy. But BOJ governor Kuroda issued a statement aimed at Japanese elected officials, according to Bloomberg’s Toru Fjioka and Masahiro Hidaka. “Ending deflation and raising the sales tax are achievable at the same time,” said Kuroda. “Restoring fiscal health is absolutely necessary and important by itself, but once fiscal discipline is loosened, it’s true that that will indirectly make a negative impact on monetary measures.”
- Tesla shares climbed more than 13% in after-hours trading in the wake of another huge earnings beat. EPS clocked in at $US0.20/share against an expected loss of -$US0.19/share, while revenue ticked $US405 million against $US387.9 million expected. Here’s Morgan Stanley’s Adam Jonas on the results: “An excellent quarter of execution, surpassing already high expectations. Tomorrow’s stock reaction will depend on how the company explains the unchanged full year delivery guidance as a function of supply rather than demand. Despite expectations that continue to rise nearly as fast as the share price, Tesla seems to have found a way to deliver yet again.”
- You’ll also definitely want to check out how Tesla CEO Elon Musk responded when asked about BMW’s hyped i3 electric car…
- Groupon reported better-than-expected revenue as it named Eric Lefkofsky the new CEO. Sales hit $US608.7 against $US606 million expected; EPS of $US0.02/share came in at expectations. The company also announced a $US300 million share buyback.
- Greek unemployment continued to climb and hit another new record, ticking 27.6% in May, an increase from 27.0% last month. A full 65% of Greeks aged 18-24 are jobless.
- Be sure to check out our Steve Kovach’s review of Google’s new Moto X phone. He writes, “[It is] a good phone. Despite all the marketing hype, it’s not going to knock your socks off, but it is the most accessible and easy-to-use Android phone I’ve ever tested.”
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