Morning Briefing

Morning Briefing

Morning Briefing Wall Street set for weaker open; OPEC meeting weighed
A sell-off of government bonds is expected to see a weaker start to trading on Wall Street Thursday. Data on jobs and the OPEC meeting are also in focus along with the continuing story of the Greek debt talks. Asian markets have closed mixed with Shanghai and Tokyo ending positive while many others have closed with losses. Bond yields have spiked in Europe leading to lower equities but most major indexes are still in positive territory. Greek debt will again be a major concern despite reports of a deal being imminent. If an agreement if not reached then Greece will default on its IMF loan repayment due Friday.

US stock equities are trending lower. Oil is trending higher (Brent $63.97, WTI $59.92 at 6.10am ET). Gold is trending lower.
 
Today’s data
Chain store sales
Challenger job-cut report at 7.30am ET
Jobless claims at 8.30am ET
Productivity and costs at 8.30am ET
Bloomberg consumer comfort index at 9.45am ET
Money supply at 4.30pm ET
Diamond Foods, Land’s End and Vanguard Energy are among the companies reporting earnings today.
 
Dish Network, T-Mobile merger talks
A merger could be on the cards between Dish Network and T-Mobile. The Wall Street Journal reports that talks between the two firms are underway with Dish CEO Charlie Ergen set to be chairman and T-Mobile chief John Legere becoming CEO of the combined firm. The two firms have been linked as potential merger partners previously.
 
Twitter investor suggests it could become part of Google
Long-term Twitter investor Chris Sacca has set out his vision for the company, which is quite different from that of CEO Dick Costolo. Sacca spoke Wednesday and said that the social network needed to make changes fast or be targeted by a larger firm. He did however suggest that Twitter would make a good fit for Google. In a blog post Sacca said that perhaps Twitter should ditch the chronological timeline and group tweets by topic; a move similar to that taken by Facebook and Instagram. Costolo has dismissed the calls for change and repeated that the company is seeing stronger sales growth.
 
Uber reaches 5 year anniversary, CEO avoids IPO talk
Speculation that Uber may go public were not addressed as its CEO Travis Kalanick took to the stage in San Francisco to mark the rideshare firm’s 5th anniversary. There have been rumors circulating that Uber may be ready to launch an IPO and become a publicly-listed firm but Kalanick did not mention the possibility, focusing instead on geographical growth with the vision of thousands of cities embracing the app over the coming years. Uber is privately valued at $50 billion.