Monday, June 11, 2018
What to watch today
This weekend’s messy G7 meeting sets the stage for what the Bloomberg editors are calling “the world economy’s most important week of the year.” On Tuesday, U.S. president Donald Trump and North Korean lead Kim Jong Un meet in Singapore to talk about nuclear disarmament. On Wednesday, the Federal Reserve concludes its two-day Federal Open Market Committee (FOMC) meeting where it’s widely expected to announce an interest rate hike. On Thursday, the European Central Bank will hold its monetary policy meeting. That’ll be followed by the kickoff to the World Cup; Russia and Saudi Arabia will face off. The Bank of Japan meets on Friday, but no major news is expected there.
Trump’s tweets spew ire on NATO allies, Trudeau: U.S. President Donald Trump fired off a volley of tweets on Monday venting anger on NATO allies, the European Union and Canadian Prime Minister Justin Trudeau in the wake of a divisive G7 meeting over the weekend. The escalating clash over trade between Washington and some of its closest global partners cast a cloud over Trump’s efforts to make history in nuclear talks in Singapore on Tuesday with Kim Jong Un of North Korea, one of America’s bitterest foes. [Reuters]
KKR nears deal to acquire Envision: Private equity firm KKR & Co is nearing an agreement to acquire U.S. physician services provider Envision Healthcare Corp for $46 a share, or about $5.5 billion, a person familiar with the deal told Reuters on Sunday. [Reuters]
Bitcoin tumbles as hackers hit Coinrail: South Korean cryptocurrency exchange Coinrail said it was hacked over the weekend, sparking a steep fall in bitcoin (BTC-USD) amid renewed concerns about security at virtual currency exchanges as global policy makers struggled to regulate trading in the digital asset. A deal could be announced as soon as Monday, the source said. [Reuters]
Fed to stick with gradual hiking: The Federal Reserve won’t steepen the path of interest-rate increases this year in the face of accelerating U.S. growth, according to economists surveyed by Bloomberg. In a poll conducted June 5-7, the proportion of respondents who expect at least three additional rate hikes in 2018 dropped slightly, compared with the survey in March. [Bloomberg]
Rights group hits Amazon, Foxconn over China labor conditions: A U.S. watchdog group criticized Amazon.com Inc. (AMZN) and contract manufacturer Foxconn over what it described as harsh working conditions at a plant in China that makes the retail giant’s Echo Dot smart speaker and Kindle e-reader. [Reuters]
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