Hello friends and Coins2Day readers.
Wall Street stock futures are higher this morning after signs that Greece will make enough concessions to its creditors to avoid default. But the dollar has rallied against the euro nonetheless. Crude oil futures are down a touch at just over $60/barrel.
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Here’s what else you need to start your day.
1. Markets surge on Greek deal, bullish survey data.
Stock markets in Asia and Europe surged after Greece made some big concessions to its lenders in an effort to avoid bankruptcy. They’ve also been propelled by some strong economic surveys: Purchasing Managers’ Indexes for China and the Eurozone both exceeded expectations. China’s stock market rose 2.2% as it reopened after a holiday, putting a vicious 14% slide over the previous week behind it.
2. General Motors unveils its latest models.
General Motors (GM) kicks off a two-day event during which it will introduce two new products, as well as provide more details around Chevrolet’s growth plans and their progress on electric vehicles and tech. Chevy marketing chief Tim Mahoney will be talking with the press on the first day along with other top execs. Look out for an update on how GM is progressing with its tech, which has been a hiring challenge for the auto maker.
3. Takata faces another round of congressional scrutiny.
Takata will be the main topic of conversation tomorrow for the Senate Commerce Committee when the group takes up the issue of the company’s failed air bags, which have been linked to at least seven deaths and hundreds of injuries. The committee will be looking into the National Highway Traffic Safety Administration’s role in the recall investigation, Takata’s efforts to reboot and fix its products and how car makers are replacing air bags in current and future vehicles. U.S. Auto safety regulator Mark Rosekind and Transportation Department Inspector Calvin Scovel will provide their insights as well as U.S. Executives from Takata, Honda and Fiat Chrysler.
4. Economic updates.
A host of U.S. Economic data is released today, starting with durable good orders at 8:30 a.m. ET. The gauge of U.S. Business spending for long-lasting goods (think machinery and tractors) likely slipped in May by 0.6%, partially due to slower demand for transportation goods. Also coming today, data on new home sales for May at 10 a.m. ET and the Manufacturing Purchasing Managers’ Index for June at 9:45 a.m. ET, which likely increased slightly to 54.2 from 54.0 in May.
5. Carnival reports quarterly results.
Carnival, the world’s largest cruise ship company, will report its second-quarter results before the market open. The company’s profit and sales are expected to surpass analysts’ expectations, helped along by higher bookings and online spending by consumers. Cruise-goers have been especially keen on the Caribbean recently, Carnival’s largest market. Look out for the cruise operator’s third-quarter outlook, which is the busiest time period for the company.
Additional reporting contributed by Reuters.
