MARKET CURRENTS
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MARKET CURRENTS
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Tuesday, June 18
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4:15 PM Market recap: Stocks cap a two-day rally to wipe out last week's losses, as investors seem confident Bernanke will assure everyone at his press conference tomorrow that the Fed is in no rush to taper its bond-buying program. The Dow's 138-point gain marked a sixth straight day of triple-digit moves; the small-cap Russell 2000 closed at an all-time high. The dollar rose vs. the yen; Treasury prices inched up. 6 Comments
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9:15 AM Market preview: U.S. stock futures and European shares are flat-to-higher after U.S. CPI comes in slightly below expectations and as the FOMC meets on the first day of a two-day policy meeting. The S&P Mini is flat. "Today should be quiet, as people are only asking about tomorrow," says economic strategist Andrew Wilkinson. Sony is +4.25% after Dan Loeb ups the ante over a spin-off for the company's entertainment division. Ongoing: Paris Air Show Comment!
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8:30 AM May Consumer Price Index: +0.1%;vs. +0.2% expected, -0.4% prior. Core CPI +0.2%; in-line with expectations, +0.1% prior. 5 Comments
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7:46 AM The FOMC will be able to chew on inflation data for May when it meets today, with the reading due out this morning. Economists expect that CPI rose 0.2% on month after sliding 0.4% in April, driven up by slightly higher food and gasoline costs. "Inflation is low in the U.S. at the moment, giving the Fed more room to wait for improvement in employment before it starts tapering," say analysts at Danske Daily. Comment!
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5:51 AM Paris Air Show: As widely expected, Boeing (BA) has officially launched the 787-10, a stretched version of the Dreamliner with up to 330 seats, and said it already has orders for 102 jets from five buyers (PR). One of these is United Airlines (UAL), which will be the launch customer in North America with a booking for 20 aircraft, including an upgrade on 10 existing 787 orders. Air Lease Corp. (AL) has booked 30 (PR). Meanwhile, Ryanair's (RYAAY) shareholders have approved the carrier's acquisition of 175 Boeing 737 aircraft in a deal worth $15.6B at list prices. 2 Comments
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5:06 AM British Prime Minister David Cameron will lead talks on the exceptionally thorny topic of international tax reform at the G8 summit in Northern Ireland today. The discussion will focus on the key areas of transparency, tax havens and multinational tax avoidance. "We have made more progress in the last 24 hours than people have had in the past 24 years," U.K. Finance Minister George Osborne said. 1 Comment
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4:13 AM Asian and European (FEZ) shares are mixed as markets await the word from the FOMC, which is due to start a two-day session today. "I think the Fed is secretly sitting with its fingers crossed, hoping that the froth continues to be skimmed off asset markets," says analyst Nick Beecroft. "I don't think they will be bothered at all if the S&P 500 or other risk markets fall 5 or 10%, as long as it didn't happen in a (single) day." Japan -0.2%, Hong Kong flat, China +0.1%, India -0.2%. EU Stoxx 50 -0.2%, London +0.4%, Paris -0.2%, Frankfurt -0.1%, Madrid +0.4%, Milan +0.4%. 3 Comments
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1:55 AM Sony (SNE) repeats that it will review Daniel Loeb's proposal that the company float its entertainment business after Loeb's Third Point hedge fund increased its stake in the electronics firm to 7% from 6.5%. In the past, Sony has said that its film and device units are better together - CEO Kazuo Hirai believes they have valuable synergies - and that it would consider Loeb's spin-off idea. Comment!
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