Mixed markets on Greece, Iran
The world’s stock markets are mixed so far Tuesday as Greece and Iran dominate the focus. In Europe there is concern that the Greek bailout deal may not make it through the country’s legislature, which could further add to the country’s financial issues and cause continuing risk for its Eurozone partners. Meanwhile a deal by Western powers with Iran which will see a lifting of sanctions has hit oil prices on expectation that the country will add to the global supply glut. Asian markets have closed mixed.
US stock futures are trending higher. Oil is trending lower (Brent $56.78, WTI $51.15 at 5.45am ET). Gold is trending lower.
NFIB Small Business Index at 6am ET
Retail sales at 8.30am ET
Import and export prices at 8.30am ET
Business inventories at 10am ET
AAR Corp., Johnson & Johnson and JP Morgan Chase are among the companies reporting earnings today.
Former Dallas Fed chief calls for September rate hike
Richard Fisher, former chief of the Dallas Fed, says that a US interest rate increase should happen in September. He told CNBC that the markets have already discounted a first rise and that Janet Yellen’s signal that it would happen this year has to point to September: “You don't want to do something in December because that's when the markets are so thin and you could have a reaction that is perhaps more exaggerated."
US chipmaker in $23 billion Chinese bid
China’s state-owned Tsinghua Unigroup is to bid $23 billion for US chipmaker Micron Technology. Dow Jones reports that the deal would become the biggest acquisition of a US company by China; the current record is the $7 billion takeover of Smithfield Foods two years ago.
Puerto Rico meets creditors
Puerto Rico met with its creditors Monday but the route to a deal could be a long one. The New York Times says that around 350 creditors were told at the meeting that they would have to wait for several weeks before a proposal to restructure the country’s $72 billion debt would be ready. Government officials set out the dire state of the country’s finances and said that it would need to take drastic action to turn them around.
Boeing set for new order from FedEx
Boeing could be about to get a new order for 25 of its 767 freighters from FedEx according to Bloomberg. The $5 billion order was reportedly discussed by directors of the delivery company.