Here is what you need to know.
Greece will hold an emergency meeting with creditors on Monday. After a meeting of finance ministers on Thursday, Eurogroup president Jeroen Dijsselbloem said “no agreement yet is in sight.” The ECB is deciding whether to stop or pause providing liquidity to Greek banks, which may not open on Monday because residents are rapidly withdrawing their money. On June 30, Greece is due to pay $US1.70 billion to the IMF.
Chinese stocks got crushed. The Shanghai Composite Index fell 6.4% to 4,481.22, marking the first time since January 2014 that the market entered a correction, according to Bloomberg, amid worries that Chinese stocks are in a bubble. It’s also been the worst week for the index since the 2008 financial crisis.
The Bank of Japan kept interest rates unchanged. BOJ governor Haruhiko Kuroda said the weak yen is not harming the economy; he had earlier warned markets not to weaken the currency significantly. The central bank will continue its asset purchases program, increasing base money by 80 trillion yen annually. The bank said it would meet less frequently to decide on policy, the Wall Street Journal reported.
Fitbit had a blockbuster IPO. The maker of fitness trackers opened up 52% from its IPO price of $US20 a share at its debut yesterday. The opening price of $US30.40 valued the company at about $US6 billion. According to CNBC, the average Fitbit insider owns the stock at $US0.37 a share.
Martha Stewart is near a deal to sell her empire. According to the Wall Street Journal, Sequential Brands is close to buying Martha Stewart Living Omnimedia. A deal could be announced within the next few days. Shares of Martha Stewart surged 26% on the report.
Details about the Apple Watch 2 leaked. The next model will feature a FaceTime camera, and it will rely less on the iPhone to function, according to 9to5Mac. Apple’s first smartwatch has been on sale for about one month.
Smith & Wesson’s full-year forecast missed estimates. The gunmaker expects earnings excluding some items of between $US1.02 and $US1.07, below the average estimate for $US1.08 according to Bloomberg. Shares fell by up to 6% in after-hours trading on Thursday after the earnings report.
McDonalds is shrinking in US operations to expand abroad. This year, for the first time, the fast-food chain will close more domestic stores than it will open. It said the impact will be “minimal in comparison to the 14,000 restaurants” it operates. US sales have been in decline for the past five years.
European stocks are rallying. Germany’s DAX, France’s CAC, and the Euro Stoxx 50 all rallied by as much as 1%.
No major economic data is due today. The latest count of US oil and gas rigs will be released by Baker Hughes at 1:00 p.m. The US 10-year yield is down four basis points at 2.31%.
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