Good morning. Here’s what you need to know.
- Asian markets were lower in overnight trading with the Nikkei down 1.45%. Europe is selling off with Italy down nearly 2%. U.S. futures are down.
- The Bank of Japan failed to take any measures to address a month of volatility in stock and bond markets. Instead it is sticking with a plan to double its monetary base and help re-stimulate the economy. The plan to double the monetary base was expected to cause yields to fall but has done the opposite. Jeff Gundlach explains what is going on in global markets >
- The Indian rupee plunged to a record low of 58.98 per dollar on Tuesday. Reuters reports that it was intervention on the part of the Reserve Bank of India that stemmed further declines. What’s the matter with India?
- UK industrial production climbed 0.1% in April, beating expectations for the data to stay unchanged. Manufacturing however fell 0.2%.
- Softbank has increased its bid for Sprint Nextel by 7.5% to $21.6 billion. This would give Softbank a 78% stake in Sprint. Dish, which has also been bidding for Sprint, has till next week to make it’s best and final offer.
- Lululemon CEO Christine Day is stepping down. The board has hired an executive search committee, and Day will stay on as CEO until her replacement is chosen.
- Apple’s Worldwide Developer Conference continues on Tuesday. On its first day, Apple unveiled OS X Mavericks, its latest operating system for Mac computers. It unveiled new MacBook airs priced at $999 and a new operating system for iPhone and iPad.
- Police and anti-government demonstrators continued to clash in Istanbul on Tuesday. “Hundreds of riot police backed by armoured vehicles surrounded Taksim Square as bulldozers began removing barricades of paving stones and corrugated iron built by the protesters,” according to Reuters.
- Edward Snowden has checked out of his Hong Kong hotel and it’s unclear if he is still in Hong Kong. Snowden is the 29-year old Booz Allen Hamilton contractor that came forward as the NSA whistleblower. Meanwhile, the FBI is reportedly preparing charges against him.
- A UK home price index by RICS climbed to 5 in May, from 1 in April. The index hit a three-year high after the government’s credit easing programs helped revive housing demand.
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