10 Things You Need To Know This Morning

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REUTERS/ISNA/Mehdi Ghassemi

Good morning. Here's what you need to know.
  • Asian markets gained modestly in overnight trading with the Nikkei up 1.9% and the Shanghai Composite up 0.6%. Europe is a little higher and U.S. futures are pointing lower. 
  • China's finance ministry saw a failed 15 billion yuan, 3-month bill auction. Only 9.53 billion yuan of the the bills on auction sold.  "The failed auction is common when conditions tighten," wrote Robert Savage at FX Concepts. "Shortage of money has been blamed on reserves, tax payments, and the clampdown on alternative financing." Why people are freaked out about a looming Chinese credit crisis >
  • Eurozone inflation climbed 0.1% MoM in May. The annual inflation rate was 1.4%, moving off its three year lows, according to Reuters.  In Germany, the strong arm of Europe, inflation climbed 1.6% on the year.
  • Producer prices climbed climbed 0.5% month-over-month in May, above expectations. Meanwhile, the current account deficit widened to $106.1 billion, from a revised $102.3 billion.


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