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 Good morning. Here's what you need to know. - Markets in Asia were mixed in overnight trading. The Japanese Nikkei 225 advanced 3.0%, the Hong Kong Hang Seng rose 0.5%, and the Shanghai Composite fell 0.1%. Most European markets are down slightly, although the Spanish market is showing bigger losses than the others, down 0.8%. In the United States, futures point to a positive open.
- Chinese industrial profits posted year-over-year gains of 15.5% in May, up from the 9.3% annual rate recorded in April. The profits of private businesses rose 17.9% year over year, while state-run firms posted only a 3.3% rise in profits, and the profits of foreign companies rose 14.7%.
- The June German unemployment report came in better than consensus estimates – the ranks of the unemployed fell by 12,000 in June after rising by 17,000 in May. Economists had predicted another rise of 8,000 this month. The unemployment rate was unchanged at 6.8%, defying expectations for a tick up to 6.9%.
- The eurozone consumer confidence index was unchanged in June at -18.8, as expected. The business climate indicator rose more than expected, but remained in negative territory. Industrial conference also posted better-than-expected gains, but remains negative. Services confidence unexpectedly worsened. The economic confidence index rose to 91.3 from 89.5, beating expectations for a smaller advance to 90.4.
- Revised GDP data revealed that the British economy did not dip into recession in the first quarter of 2012, as output was flat. However, the report also revealed that the downturn after the financial crisis was worse than previously thought, and output is still 3.9% below pre-crisis levels, and the annual GDP growth rate in the first quarter of 2013 was unexpectedly halved to 0.3%.
- Out at 8:30 AM ET are jobless claims figures for the week ended June 22. Economists predict initial claims fell to 345,000 from 354,000 in the previous week. Continuing claims for the week ended June 15 are expected to tick up to 2.957 million from 2.951 million the week before.
- Data on May personal income and spending figures are also out at 8:30. Economists predict incomes rose 0.2% in May after staying unchanged in April. Spending is expected to have risen 0.3% in May after falling 0.2% the month before.
- At 10 AM, data on May pending home sales are released. Economists predict pending home sales advanced 1.0% in May after rising 0.3% in April, bringing the annual growth rate down to 11.5% in May from 13.9%.
- Rounding out the data releases are the results of the Kansas City Fed's monthly manufacturing survey, due out at 11 AM. Economists predict the headline index advanced to 3 from last month's 2 reading, indicating an accelerating pace of expansion in manufacturing activity in an area which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and parts of western Missouri and northern New Mexico. Follow the data LIVE on Business Insider >
- The onslaught of speeches by Federal Reserve board members and regional bank presidents continues Thursday with an appearance by Fed Governor Jerome Powell, who is discussing monetary policy in Washington at 10:30 AM. Then, at 12:30, Atlanta Fed President Dennis Lockhart speaks on the economy in Georgia. Bill Dudley, the President of the New York Fed, is perhaps the most important: he gives a speech at 2 PM. Investors will be listening closely for any revelations related to the tapering timeline that Fed Chairman Ben Bernanke laid out in the FOMC press conference last Wednesday.
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