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.
- The minutes of the Bank of Japan's May 21 - 22 meeting showed that board members thought the central bank should set a two-year limit for monetary easing. The minutes also focused on volatility in Japanese government bonds that has spread to equity and currency markets. This resulted in the Nikkei gaining less than it had been expected to.
- 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.
- Indian wholesale price inflation rose 4.7% year-over-year in May, and was below expectations for a 4.88% rise. Inflation hit a 43-month low but this might not be enough to prompt another interest rate cut from the central bank. What's the matter with India?
- Millions of Iranians are voting in Friday's presidential elections. Voters can choose between six candidates to replace president Mahmoud Ahmadinejad.
- President Barack Obama has authorized his administration to provide weapons to Syrian rebels. This comes after the White House said that Syria had crossed a 'red line' by using chemical weapons against its own people.
- Industrial production stayed flat in May, missing expectations for a 0.2% rise. Consumer sentiment for June is out at 9:55 a.m. ET. Consensus is for sentiment to hold steady at 84.5. Follow the release at Business Insider >
- Paul Tucker, deputy governor of Bank of England will step down in autumn. Tucker lost the the BoE governor job to Mark Carney. Meanwhile, home prices in England and Wales rose 0.4% month-over-month to a record 233,061 pounds ($365,000), according to a report by Acadaemetrics and LSL Property Services.
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