Good morning. Here’s what you need to know.
- Asian markets were higher in overnight trading with the Nikkei surging 5%. The Shanghai Composite was closed for the Dragon Boat holiday. Europe is mixed and U.S. futures are higher.
- Edward Snowden has come forward as the whistleblower on surveillance operations being conducted by the National Security Agency. 29-year old Snowden is a tech specialist who worked with consulting firm Booz Allen Hamilton. Snowden is currently in Hong Kong and is seeking asylum. Why a 29-year old contractor had access to government secrets >
- Japanese prime minister Shinzo Abe said the government would like to announce a corporate investment tax cut in autumn to boost capital expenditures. This in turn is expected to help revive economic growth. The 17 most competitive cities in the world >
- Japanese GDP grew 4.1% in the first quarter, which is higher than the preliminary reading of 3.5%. Meanwhile, Japan’s current account surplus was 750 billion yen in April, beating estimates for 310 billion yen. This along with what is being described as the ‘perfect’ jobs report in the U.S. helped the Nikkei surge on Monday.
- Over the weekend we saw a bunch of disappointing data out of China that pointed to sluggish economic growth. Industrial production slowed to 9.2% in May, missing expectations for a 9.4% rise. Fixed asset investment was up 19.9%, retail sales were up 12.9%, in line with expectations. Meanwhile inflation cooled, with consumer prices rising 2.1% and producer prices down 2.9%. A complete look at China’s latest disappointing data in one chart >
- Chinese exports climbed 1% in May, down from 14.7% in April. This was because export numbers out earlier this year were distorted. Imports fell 0.3%, below expectations for a 5% gain. Meanwhile, credit and lending growth slowed too. 29 crazy things that only happen in China >
- Apple’s Worldwide Developer Conference begins today and continues through June 14 in San Francisco. People began queuing up at 9:15 a.m. on Sunday, to ensure they got seats to Apple’s keynote presentation, where the company will preview new features for iOS and OSX, the software running iPhones and Macs.
- In M&A news, Google is close to acquiring traffic app Waze, and the deal could be announced as early as today. Meanwhile, Astrazeneca is close to acquiring drugs company Pearl Therapeutics for $1.15 billion.
- Former South African president Nelson Mandela was taken to a hospital in Pretoria on Saturday after a lung condition worsened. Mandela was still in hospital on Monday, the Wall Street Journal reported. This is his fourth hospitalization in six months.
- French industrial confidence stayed at 94 in May. Meanwhile, an index measuring service companies fell to 88, from 89.
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