Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading, with the Shanghai Composite down 1.17%, the most in over a month. The Nikkei was up 2.05%. Europe is mostly higher and U.S. futures are flat.
- Tesla’s annual shareholder meeting will take place today at 3 p.m. PT in Mountain View, California. Two proposals set for the meeting are 1. Election of directors and 2. Ratification of PricewaterhouseCoopers as Tesla’s independent registered public accounting firm. Tesla’s stock closed down 5% yesterday. Analyst: Tesla bulls are ignoring a bunch of serious issues >
- Anti-government protests in Turkey continued last night, and a second protester was killed during the demonstrations. Another person was killed on June 2. These protests were sparked by redevelopment plans for a park at Taksim Square.
- Central Europe continues to see floods as large pockets of Prague were underwater on Tuesday, according to Reuters. 11 people have been killed so far in Germany, Poland, Austria, and the Czech Republic. Over 10,000 have had to evacuate their homes in Germany.
- UK retail sales unexpectedly rose 1.8% year-over-year in May, in stores that have been open at least 12 months. The better than expected data may suggest that the UK economic recovery is gathering steam.
- Zynga laid off about 18% of its workforce or 520 people, and shut offices in New York, Dallas, and Los Angeles as the company tries to cut costs. The cuts are expected to save the company $80 million. The 18 biggest mass layoffs the last year >
- International trade balance for April is out at 8:30 a.m. ET. Economists polled by Bloomberg are looking for a $41.1 billion trade deficit. Follow the release at Business Insider >
- Monthly wages in Japan increased 0.3% year-over-year in April, to 273,427 yen (about $2,746), according to Bloomberg. This was the biggest increase in over a year and suggests that Abenomics is working. The rise in wages includes overtime and bonuses.
- Beijing has announced price caps on home since March, according to two sources cited by Bloomberg. The city “already has China’s strictest real estate curbs” but is assuming more as home prices continue to rise.
- An index by Markit measuring UK construction activity climbed to 50.8 in May, from 49.4 the previous month. This beat expectations for a rise to 49.8. This is the first expansionary reading since October. The biggest economic experiment in the last five years has ended in disaster >
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