Good morning! Here’s what you need to know.
Jamie Dimon Has Throat Cancer. The JP Morgan CEO announced his condition is “curable” and has not spread, but that his travel will now be limited as he undergoes treatment for the next eight weeks. JPM shares were down 0.6% pre-market.
Dubai Rallies. The Dubai Financial Market General Index surged 8% Wednesday. Arabtec, the region’s troubled construction giant, climbed 15%. Knight Frank announced rents climbed 16% in the 12 months through mid-March this year, GulfNews said.
Yellen At 11 A.M. The Fed chief will address an IMF conference.
Hong Kong Protests. 511 people were arrested Wednesday after residents marched through the Chinese city demanding greater freedom in its elections. “Demands for universal suffrage are growing while the public is increasingly concerned about Beijing’s approach to the city, which was promised a high degree of autonomy after the handover,” the Wall Street Journal said.
US Rents Rise For 18th-Consecutive Quarter. The average monthly rent for an apartment climbed 0.8% to $US1,099 in Q2, according to Reis Inc, WSJ said. For the 12-month period ended in June, rents rose 3.4%.
UK Home Prices Surpass 2007 Peak. It was only a matter of time. The average home is now $US324,000, according to the FT. In London, it’s $US686,000.
Former Goldmanites Seek Class Action Suit. Two former female employees say the American banking giant fostered a culture of misogyny.
Nicolas Sarkozy Placed Under Formal Investigation. A French magistrate says there is now enough evidence to believe the former French president may be guilty of corruption and obstruction of justice. As the Guardian notes, there is no exact equivalent of “mis en examen” in the U.S. common law system. The next step will be an official investigation, which could take years.
Data. At 8:15 a.m. we get ADP payrolls. Consensus is for 210,000 payroll jobs added in June, up from 180,000 in May. At 10 a.m. we get factory orders from the Census. Expectations are for consensus is for a 0.3% decrease in May orders.
Markets. U.S. futures were little changed. Stocks in Europe and Asia were mostly higher.