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Here's what you need to know before the markets open.
1. Global stocks pull back from gains on reports China is halting key agricultural imports such as soybeans from the US. Analysts think mass violent protests in the US could also weigh on US equity markets in coming days.
2. Chinese manufacturing output surged the most in 9 years in May, signaling a coronavirus recovery. However, government data suggested that overall manufacturing activity contracted in May.
3. Billionaire investor Alan Howard scored a 100% return for his hedge fund this year. The Brevan Howard co-founder reportedly doubled his investors' money by capitalizing on the coronavirus sell-off in March.
4. Facebook CEO Mark Zuckerberg committed $10 million to fighting racial injustice amid outrage at Facebook's handling of Trump's post threatening protesters. The social-media titan's staff have, in a rare move, spoken out against their own CEO.
5. 'Lemon' or not, Trump is stuck with Phase 1 China trade deal. Trump has little choice but to stick with the first phase of his China trade deal despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes that China can meet US goods purchase targets.
6. Buffett-backed BYD is set to supply electric-vehicle batteries to Ford. This marks BYD's first-known battery supply deal with a major global auto-maker.
7. Emirates president says it could take 4 years to rebuild network after virus hit. The Dubai-based airline was flying to 157 destinations in 83 countries before it grounded passenger flights in March and has since operated limited services.
8. Asian stocks are up. In Europe, Germany's DAX fell 1.6%, Britain's FTSE 100 rose 1%, and the Euro Stoxx 50 fell 1.4%. In Asia, China's Shanghai Composite rose 2.2%, Hong Kong's Hang Seng rose 3.3%, and Japan's Nikkei rose 0.8% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell between 0.1% and 0.5%.
9. Earnings are expected. Link Real Estate Investment is scheduled to report its fourth-quarter results.
10. It's a big day for data. US Manufacturing PMI and the 3-month and 6-month bill auctions are on the agenda. |
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