Quick Overview

• The number of U.S. workers filing for initial unemployment benefits fell by 20,000 to 314,000 for the week ended June 18, the Labor Department reported Thursday.
  

• Sales of existing homes fell 0.7% in May from April’s record high to an annual rate of 7.13 million, the National Association of Realtors said Tuesday.
  

• Warren Buffett, the billionaire chairman of Berkshire Hathaway told CNBC on Thursday that he thinks there's probably a real-estate bubble in the U.S. (This must be the most advertised bubble ever!)
  
  

• FedEx Corp. reported Thursday that net income for its fourth quarter ended May 31 rose to $448 million or $1.46 a share, from $412 million or $1.32 a year ago.
  
  

• The Shenzhen's port complex, one of the largest trading gateways for the US, expects to almost double its overall container capacity to 25 million TEUs by 2010.
  
  
  
• Reports said Beijing plans to stockpile up to 100 million barrels of petroleum, or the equivalent of almost a month's national consumption.

• Asia's fourth-largest container line reports the Hanjin freight rate index
  increased due to agrowing demand in the US and Europe for products made in China and other Asian countries.

• The U.S. Department of Energy said that underground supplies of natural gas were up 75 billion cubic feet last week to 2.031 trillion cubic feet. Supplies are now up 11% YoY.
  

• The U.S. Census Bureau said that 142.8 million bushels of soybeans were crushed in May, more than expected
  

• Canada's farmers planted 25.2 million acres of wheat this year, down 1.4% from 2004. The Canadian Wheat Board said that western Canada will produce 22 million tons of wheat this year, down 8% YoY .
  

• U.S. cotton mill use in May declined from an annual rate of 6.20 to 6.09 million bales.
  

• An index of services in Japan, was up 1.8% in April, stronger than expected.
  

• Federal Reserve Chairman Alan Greenspan warned Congress on Thursday not to rush to impose punitive tariffs on imports from China, saying they would harm U.S. consumers and protect "few if any American jobs."