Competitive eater Joey Chestnut holds his championship belt aloft as he arrives for the official weigh in for Nathan’s Famous Fourth of July International Eating Contest in New York.
Good morning! Here’s what you need to know.
- U.S. futures are pointing to a higher trading day with Dow futures up 140 points. European markets are slightly lower. Asia rallied overnight led by a 2.0% surge in Japan’s Nikkei.
- It’s jobs day in America. At 8:30 a.m. ET, the Bureau of labour Statistics will publish its June employment situation report. Economists estimate that the U.S. companies added 165,000 nonfarm payrolls in June, causing the unemployment rate to fall to 7.5%.
- The Bank of England had its first Monetary Policy Committee meeting with Canadian Mark Carney at the helm. In its statement, the BoE said it would look into giving forward guidance. The dovish tone of the statement caused the British pound to tank.
- The European Central Bank straight up gave forward guidance after its monetary policy meeting on Thursday. “Looking ahead, our monetary policy stance will remain accommodative for as long as necessary,” said ECB president Mario Draghi during his press conference. “The Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time.”
- “The risks surrounding the economic outlook for the euro area continue to be on the downside,” added Draghi. “The recent tightening of global money and financial market conditions and related uncertainties may have the potential to negatively affect economic conditions.” The euro tanked on that commentary.
- German factory orders unexpectedly fell 1.3% in May, missing economists’ expectation for a 1.2% gain. This is yet another reminder that Europe’s economy remains deeply troubled, and any economic activity is fragile.
- Investment dollars continue to leave the Emerging Markets. “Emerging Markets debt-dedicated funds recorded net outflows of $960MM (0.40% AUM) for the week ending on July 3, 2013,” said Morgan Stanley’s Robert Habib citing data from EPFR.
- Protestors continue to take to the streets in Egypt following the military-led removal of democratically elected president Mohamed Morsi. “We declare our unequivocal rejection of the military coup against the elected president and the will of the people and refuse to participate in any action with usurpers of power,” said the Muslim Brotherhood in a statement.
- A 4th of July celebration in southern California went awry when fireworks started going off sideways toward a crowd of viewers. 28 people were reportedly injured.
- American Joey Chestnut ate a record 69 hot dogs in 10 minutes to win the annual Nathan’s Hot Dog Eating Contest. This is Chestnut’s seventh time taking home the title
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