10 Things You Need To Know Before The Opening Bell

turkey protests

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

  • Asian markets were lower in overnight trading with the Nikkei falling 3.8% as markets were disappointed by new measures revealed under Abenomics. Europe is selling off and U.S. futures are modestly lower.
  • Japanese prime minister Shinzo Abe unveiled the “third arrow” of “Abenomics” — the economic stimulus program intended to reflate the economy. A blueprint showed that some of these measures include, achieving 2% real GDP growth over the next decade, a cut on corporate taxes for capital investment, and R&D, and restarting nuclear power plants, according to the WSJ. Richard Koo explains why Japanese stocks are crashing >
  • The U.S. International Trade Commission (ITC) ruled that a few Apple devices are banned from being imported to the U.S. for violating Samsung patents. These devices include the iPhone 4, iPhone 3GS, iPad 3G and iPad 2 3G.
  • Anti-government protests continued overnight in Turkey for a fifth day. This comes after Deputy Prime Minister Bulent Arinc apologized for “excessive violence” used by the police in the initial protest in Taksim, Reuters reported.
  • Some horrible numbers out of Europe. Eurozone Q1 GDP fell 0.2% quarter-over-quarter, and 1.1% on the year. Meanwhile, retail sales unexpectedly fell 0.5% on the month, and 1.1% on the year. Jeff Gundlach reveals what is going on in global markets >
  • The ADP employment report for May is out at 8:15 a.m. ET, followed by productivity and costs for Q1 at 8:30 a.m. ET. Consensus is for ADP employment to rise by 171,000 and for productivity and for non-farm productivity to rise 0.7%. Follow the release at Business Insider >
  • Spain’s services PMI climbed to 47.3 in May, from 44.4 the previous month. This was the highest level in 23 months but Spain’s service sector is still in contraction.
  • The ISM non-manufacturing index for May and factory orders for April are out at 10 a.m. ET. Consensus is for the ISM index to rise to 53.8 and for factory orders to rise 1.4% on the month.  Follow the release at Business Insider >
  • A previously undisclosed stress test has shown that the Federal Housing Association (FHA’s) losses could hit $115 billion over 30 years, according to the Wall Street Journal. An internal audit showed that it’s cash reserves would fall short of the $115 billion loss projection by $13.5 billion.
  • The Beige Book, released two weeks before the Federal Open Market Committee (FOMC) meets, is out at 2 p.m. ET. Investors watch this for clues on economic conditions that could affect FOMC decisions on monetary policy. Follow the release at Business Insider >

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