FURTHER FURTHER READING
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Full ML service, with Bryce Elder and Paul Murphy, will be resumed after the weekend.
In the meantime, keep an eye here for a promised AbbVie/Shire infographic.
Markets: Heightened geopolitical tensions sent investors scurrying for safe havens. Overnight, the S&P 500 fell by 1.2 per cent, its biggest daily loss since April, while the Vix rose 32 per cent, spiking the most since April 2013. The price of WTI crude oil climbed 2 per cent. Haven assets rallied overnight, with the price of gold jumping $20 – or 1.5 per cent – before moderating by $3.50 in early Asian trading to $1,315 a troy ounce. (FT’s Global Markets Overview) Read more
Paul is still ill, and Bryce is wreck diving at Bikini Atoll (possibly), but Joseph and Dan will be hosting Markets Live today at 11am, London time — so please do join them.
Markets: Asia-Pacific equities made a modest rebound after breaking a two-month winning streak last week. Haven assets were out of favour, underscoring the improved sentiment. The price of gold was down 0.3 per cent at $1,334.80 per ounce, while the Japanese yen slipped 0.1 per cent to Y101.4 per US dollar. (FT’s Global Markets Overview) Read more
Markets: Asia-Pacific equities were on a downward path after a sell-off on Wall Street, where the S&P 500 notched its sharpest fall in nearly a month. Regional data were no help in Asia, with Chinese inflation more subdued than anticipated and Australian consumer confidence failing to rebound much. (FT’s Global Markets Overview)
Citigroup is set to pay more than $7bn to resolve a long-running US government investigation into the bank’s sale of mortgage-backed securities, people familiar with the matter said on Tuesday night. The bank will pay roughly $4bn in cash to the Department of Justice and $3bn will be paid in mortgage relief to homeowners – such as principle reduction – as well as other payments to nearly half a dozen state attorneys-general, one person familiar with the matter said. Negotiations are continuing but if they stay on track a deal could be announced as early as next week, the people said. (Financial Times) (WSJ) Read more
Creditors offer Argentina breathing room in debt restructuring dispute: Holdout investors who rejected Argentina’s debt restructurings in the wake of its $95bn default have said they are prepared to give Buenos Aires extra time to settle, but only if the country negotiates in good faith. (FT)
ECB under pressure to tackle ‘crazy’ euro: The European Central Bank is being pushed to take action against a persistently strong euro with a leading industrialist calling on Frankfurt to tackle the “crazy” strength of the currency. Fabrice Brégier, chief executive of Airbus’s passenger jet business, said the ECB should intervene to push the value of the euro against the dollar down by 10 per cent from an “excessive” $1.35 to between $1.20 and $1.25. (FT) Read more
Markets: Asia-Pacific equities drifted down from last week’s six-year high, following a dearth of news in the region and US markets’ closure on Friday for Independence Day. Key events this week include the start of the US earnings season, Japanese trade figures on Tuesday, China inflation data on Wednesday and Australia’s monthly jobs report on Thursday. (FT’s Global Markets Overview) Read more
Okay. So you already know that Camp Alphaville is on Wednesday, July 2. And you know we have Carson Block, George Magnus, Andy Haldane and loads of other serious people, some of whom are so astonishingly serious we’re not even allowed to name them. But it wouldn’t be an FT Alphaville gig if we didn’t bring along a few mavericks as well.
To that end:
Ok, we’re almost at capacity. We have room for just one or two more teams of 4 or 5 to enter the end-of-day quiz at Camp Alphaville next Wednesday.
Medals are being specially minted for the winners. We’re due to pick these up on Monday from Hatton Garden. We’ve even secured lovely salmon pink ribbon. Read more
Markets: Tokyo shares bounced after Japan’s prime minister released a preliminary blueprint for his “third arrow” of reforms, but the rest of Asia-Pacific bourses were in retreat. Shinzo Abe and a government council approved a proposal late on Monday that would cut corporate income taxes, increase career opportunities for women and encourage the government’s pension fund to buy more equities. (FT’s Global Market Overview) Read more
The increase in payrolls wasn’t as impressive as April’s unexpected jump, but it still marked the fourth consecutive month of gains above 200,000 and is further confirmation that the US economy continues to rebound from its abysmal start to the year.
Wage growth remained subdued, with hourly earnings climbing just 0.2 per cent in May. They were 2.1 per cent higher than a year earlier, though it should be noted that wages for production and non-supervisory (non-managerial) workers have grown more quickly, by 2.4 per cent, though that is still below rates historically considered impressive. Read more
* Everything is subject to change. Stay tuned for Igloo sessions and more.
11am The Soft Open – Markets Live
FT Alphaville editor Paul Murphy and Stock Market Correspondent Bryce Elder will produce a version of their daily online markets chat live on stage. Fingers crossed the tech holds up Read more