Morning Briefing

Morning Briefing

Morning Briefing Wall Street set for weaker start Monday
Bond markets and Greece are high on the list of factors adding a hint of caution to the markets as the new week begins. A surge in the bonds market Friday weakened equities while the continuing saga of Greek debt saw an IMF loan repayment missed and uncertainty over a reforms program rolling on. European markets are lower Monday as a result. Asian markets have closed generally weaker as investors digest Friday’s US employment data and rising expectation of an increase in interest rates. Shanghai has outperformed regional peers to close with gains as mixed Chinese data points towards additional stimulus.

US stock futures are trending lower. Oil is trending lower (Brent $63.12, WTI $58.79 at 5.45am ET). Gold is trending higher.
 
Today’s data
No major data due for release in the US today.
H&R Block, Sears Holdings and United Natural are among the companies reporting results today.
 
White House denies Obama dollar comments
Reports that President Obama had told the G7 summit that the strong dollar was a problem have been officially denied by the White House. Reuters reports that the story was on the news wires early Monday and attributed to a French official who claimed the president made the comment. Aides clarified the president’s comments: "He made a point that he has made previously, a number of times: that global demand is too weak and that G7 countries need to use all policy instruments, including fiscal policy as well as structural reforms and monetary policy, to promote growth."
 
Apple watched
The much anticipated Apple developers’ conference begins Monday and speculation abounds. The most hotly-tipped reveal is the firm’s streaming music service. The not-so-secret plan to take on the likes of Spotify have been widely expected but the conference should give more details of the shape of the service. There is also expected to be much talk of the Apple Watch and the development of new apps for the fast-selling device.
 
Food delivery start-up valued at $3.1 billion
A start-up which delivers fast food in 34 countries has secured a new round of funding which values it at $3.1 billion. Delivery Hero is based in Germany but has attracted the attention of US investors with two funds putting $110 million into the firm, which is set to launch an IPO. CNBC reports that the valuation is just short of the $3.2 billion of American firm GrubHub and ahead of the $2.87 billion market valuation of UK based Just Eat.