A demonstrator takes a picture on his mobile phone as a car burns during a protest in downtown Rio de Janeiro June 17, 2013.
Good morning. Here’s what you need to know.
- Markets in Asia were mixed in overnight trading. The Japanese Nikkei 225 fell 0.2%, the Hong Kong Hang Seng was unchanged, and the Shanghai Composite was up 0.4%. European markets are mostly higher with the exception of France, which is flat. In the United States, futures point to a positive open.
- In an interview with Charlie Rose, U.S. President Barack Obama said of Federal Reserve Chairman Ben Bernanke, “Well, I think Ben Bernanke’s done an outstanding job. Ben Bernanke’s a little bit like Bob Mueller, the head of the FBI – where he’s already stayed a lot longer than he wanted or he was supposed to.” However, Obama would not say whether he would re-appoint Bernanke should Bernanke want to keep the job.
- Tens of thousands of demonstrators rallied across Brazil Monday to protest increases in bus fare and, more broadly, the general cost of living. The protests mirror similar events in Indonesia this week, where protesters took to the streets over a fuel price hike.
- China’s largest banks are pressuring the central bank to ease monetary conditions after a surge in funding costs over the past month. “Internally, we’re hoping for [a reserve requirement ratio] cut by the end of Wednesday,” a senior executive at one of China’s biggest banks told WSJ.
- U.S. and E.U. leaders launched talks on the biggest bilateral trade deal in history at the G8 summit in Northern Ireland on Monday. President Obama said negotiations would officially begin in Washington next month, and E.U. leaders said they could be concluded in two years.
- Japanese industrial production expanded 0.9% in May, slowing from the 1.7% growth rate observed in April. Economists had predicted growth would be unchanged at 1.7%.
- In the U.K., the annual inflation rate proxied by consumer prices accelerated to 2.7% in May from 2.4% in April. Economists had predicted a smaller advance to 2.6%. Core inflation – stripping out food and energy costs – accelerated to 2.2% from 2.0%, coming in above expectations for 2.1%.
- The German ZEW survey of economic sentiment index rose to 38.5 in June from 36.4 in March, surpassing expectations for an advance to 38.1. “The financial experts stick to their assessment: the German economy is likely to pick up speed in the second half of 2013. However, the results of the current survey indicate that the economy will improve rather slowly. Almost half of the survey respondents expect no significant economic impulses in the next six months,” says ZEW President Prof. Dr. Clemens Fuest.
- U.S. consumer prices data for May are out at 8:30 AM ET. Economists predict the headline CPI inflation rate rose to 1.4% last month from 1.1% in April, and expect core CPI inflation to remain unchanged at 1.7%.
- US housing starts and building permits data are also out at 8:30 AM. Economists predict starts rose 11.4% in May after falling 16.5% in April, while permits are expected to have fallen 3.0% after rising 12.9% in April. Follow all of the data LIVE on Business Insider >
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