10 Things You Need To Know Before The Opening Bell

turkey protestTurkish police fire tear gas at protesters

Good morning. Here’s what you need to know.

  • Asian markets were down in overnight trading with the Nikkei falling 0.2%. The Shanghai Composite is still closed for the Dragon Boat festival. Europe is mixed and  U.S. futures are modestly higher.
  • Facebook CEO Mark Zuckerberg faced unhappy shareholders at his first-ever annual shareholders meeting on Tuesday. Zuckerberg acknowledged that the stock’s performance was disappointing but that “nothing in that has made me think that the fundamental strategy is wrong,” according to the WSJ.
  • MSCI Inc. cut Greece to emerging market status. Greece, which is the first developed country to be cut, failed to meet “multiple criteria: securities borrowing and lending facilities, short selling and transferability.” Meanwhile, MSCI Qatar and MSCI UAE were reclassified from frontier markets to emerging markets.
  • UK jobless claims fell by 8,600 to 1.51 million in May. Unemployment measured according to ILO standards fell to 2.51 million and the unemployment rate was 7.8%. Recent economic indicators of the UK suggest that a recovery is slowly taking shape.
  • Edward Snowden, the 29-year old Booz Allen Hamilton employee who came forward as the NSA whistleblower, is technically free to leave Hong Kong. Local lawyers told Reuters that he should leave for a “sympathetic jurisdiction as fast as possible.”
  • Turkish riot police clashed with demonstrators at Istanbul’s Taksim Square, which by the end of the day was largely deserted. Reuters reports that several tents remained at Gezi Park right next to Taksim Square.
  • The CIA is choosing whether to give IBM or Amazon a $600 million contract to set up a cloud computing system. This comes amid disclosures of government surveillance programs in which cloud computing technology is competing with more traditional technology service providers, writes the WSJ.
  • Euro-area industrial production beat expectations when it climbed 0.4% month-over-month in April. It was down 0.6% from a year ago.
  • Indian industrial output climbed 2% year-over-year in April, down from a revised 3.4% in March. Meanwhile, consumer prices were up 9.1% on the year in May, higher than expectations for a 9% rise. This limits the Reserve Bank of India’s room to cut interest rates and support the economy which is expanding at its slowest pace in 10 years. What’s the matter with India?
  • The Treasury Budget for May is out at 2 p.m. ET. Consensus is for the Treasury Budget to post a monthly deficit of $110 billion. Follow the release at Business Insider >

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