Wall Street closes with records; World markets gain
The main indexes of the New York Stock Exchange closed higher Thursday as investors shook off the higher yields in the bonds market and concern over Greek debt abated. The Dow and S&P both closed with record highs. The sentiment spread to Asia where most markets have gained. Shanghai was further boosted by Beijing’s promise of more economic stimulus while Tokyo continued its run of highs although Wednesday’s GDP figures for Japan will be a key moment. In Europe Greek debt is prominent with a default possible however talks have been reportedly making progress. An ECB board member has given fresh assurances over asset-buying by the central bank and corporate earnings have also added to the gains so far.
US stock futures are trending higher. Oil is trending lower (Brent $65.60, WTI $58.98 at 5.25am ET). Gold is trending lower.
Housing starts at 8.30am ET
Etsy, Home Depot and Walmart are among the companies reporting earnings today.
IMF says energy is subsidized worldwide by $5.3 trillion
The International Monetary Fund says that governments fail to charge for the environmental impact of fossil fuels meaning that the industry is subsidized by $5.3 trillion. China is the top offender with a subsidy amounting to $2.3 trillion while the US is next with $699 billion followed by Russia, the EU, India and Japan.
Starbucks, Spotify deal takes aim at Apple
A deal between Starbucks and Spotify has been signed as Apple prepares to launch into the streaming music market. Fast Company reports that the deal will include Spotify’s music being heard in the coffee chain’s 7000 US stores; free premium subscriptions for Starbucks staff and discount deals for its customers; and Spotify users getting points through Starbucks’ loyalty program. The streaming market is growing with new players including Google, Tidal and Apple hoping to topple Spotify’s dominance.
Workers finding lower job security is the new norm
Workers worldwide are increasingly facing job insecurity according to a new report from the International Labor Organization. It reveals that only a quarter of the world’s workforce are in ‘stable employment’ with the rest in temporary or short-term positions. However the US is doing well by comparison with only 13.1 per cent of Americans not in full-time jobs compared to more than 22 per cent of British workers and 27 per cent of the French workforce.