Morning Briefing

Morning Briefing

Morning Briefing Wall Street awaits data that could affect interest rates
US equities are expected to start lower Tuesday ahead of more jobs data that could affect the Fed’s interest rates decision. Volatile bonds markets and geo-political tension with Russia are also weighing on investors’ minds. In Asia all major indexes have closed with losses as Chinese inflation data revealed weaker price growth and producer prices showed a weak picture. In Europe sentiment is also low as Greek debt, Russia and US interest rates are all in focus.

US stock futures are trending lower. Oil is trending higher (Brent $63.51, WTI $58.78 at 6.05am ET). Gold is trending higher.
 
Today’s data
NFIB small business optimism index at 9am ET
JOLTS at 10am ET
Wholesale trade at 10am ET
Burlington Store, Lululemon and Uranium Energy are among the companies reporting earnings today.
 
HSBC announces job cuts
HSBC announced to the Hong Kong Stock Exchange Tuesday that is to save $5 billion annually by 2017 through a period of restructuring. The bank will cut 50,000 jobs globally with half of those resulting from the sale of its Brazilian and Turkish businesses. The bank will lose 12 per cent of its branches as it focuses on online and self-serve operations. Some of the firm’s operations will move to lower cost locations.
 
Deutsche Bank raided in Germany
Deutsche Bank’s offices in Frankfurt have been raided Tuesday as investigators look for evidence related to client transactions. Reuters reports that the raids were not related to any wrongdoing by the bank’s staff.
 
McDonald’s reports bounceback
McDonald’s Corp says that its sales have rebounded under new CEO Steve Easterbrook. The firm reported that global same-store sales were down 0.3 per cent, lower than the 0.9 per cent analysts were expecting. However in the US sales were down 2.2 per cent in May, more than the 1.7 per cent predicted by analysts. Asian markets were also slow while Europe provided better-then-expected sales growth of 2.3 per cent.