• US stock market, economy and companies update (June 08, 2015)

    European and US equities are seeing more losses this morning. There was some more bond trading choppiness earlier, but it was much less volatile than trading seen last week. European sovereigns saw light losses, while the US 10-year has fallen three basis points to 2.38%. As of writing, the DJIA is down 0.07%, the S&P500 is off 0.19% and the Nasdaq is down 0.28%.

    The G7 meeting has wrapped up with lots of headlines, some rumors and President Obama's press conference. Overnight a French official was quoted as saying Obama told fellow G7 leaders that the strong dollar is a problem, drawing a swift rebuttal from US officials. G7 members said they were prepared to implement more restrictive measures to boost costs to Russia for its actions in Ukraine and talked about speeding up trade talks. EUR/USD has gained a big figure, rising to 1.1206 from 1.1100 over the last 12 hours.

    Apple holds its WWDC developer conference later today, and a new version of Apple TV is said to be the highlight of the event. Other reports out ahead of the event suggest that Cupertino will unveil an augmented streaming music service to better challenge Spotify and Pandora. Apple is also said to be building a high-speed data network and upgrading how it builds data centers to better compete with cloud services from Google, Amazon and Microsoft. Separately, UBS raised its Q3 iPhone unit sales estimate to 50M from 48M.

    McDonalds disclosed its final public monthly same-store sales report this morning, but it wasn't pretty. May was the firm's eighth consecutive month of comp declines, although it was the best reading since last October and also the decline was less than expected. US comps continue to suffer from declining traffic and sharper competition.

    ADRs of Deutsche Bank are still up more than 5% after its two co-CEOs both said they would step down, to be replaced by a single new CEO. Anshu Jain and Jrgen Fitschen will be replaced by John Cryan, a Brit who oversaw a turnaround at Switzerland's UBS as CFO. The change comes after a record fine for Libor manipulation and investigations of possible Russian money laundering concerns.

    ***Looking Ahead***
    - 19:01 (UK) May BRC Sales Like-For-Like Y/Y: No est v -2.4% prior
    - 21:30 (CN) China May CPI Y/Y: No est v 1.5% prior
    - 21:30 (CN) China May PPI Y/Y: No est v -4.6% prior


    ***Economic Data***
    - (CL) Chile May CPI M/M: 0.2% v 0.2%e; Y/Y: 4.0% v 4.0%e; CPI Core M/M: 0.1% v 0.2%e
    - (CL) Chile May Trade Balance: $0.98B v $1.2B prior
    - (CA) Canada May Annualized Housing Starts: 201.7K v 185Ke
    - (CA) Canada Apr Building Permits M/M: +11.6% v -5.0%e
    - (HU) Hungary May YTD Budget Balance (HUF): -511 v -609.8B prior

    [I]Contributed by Trade The News[/I]
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