- (FT) Markets often put a different slant on central bankers’ words than was intended, thus when Mr. Bernanke said ‘tapering’ the markets heard ‘tightening’
- The IMF on Friday urged the US to repeal sweeping federal budget cuts that will be a severe drag on economic growth this year. (Teabags not listening)
- U.S. Industrial production was unchanged in May. The sector has seen little growth since the turn of the year, the Fed said
- The troubled city of Detroit will stop making payments on a portion of its unsecured municipal bond debt Friday, according to a report in the WSJ.
- China worried that tightening could trigger capital flight and set off debt crisis, says Ambrose Evans-Pritchard.
- The World Bank cut its global growth forecast for this year after emerging markets from China to Brazil slowed more than projected, while U.S budget cuts and slumping investor confidence in Europe’s are not helpful.
- Emerging markets risk an interest rate shock once the US Federal Reserve and other Western authorities start to withdraw global liquidity, the World Bank has warned.
- U.S. Banks repossessed 38,946 homes, an increase of 11% MoM. The number of homes hit with default notices for the first time grew by 4% (US housing might not be as strong as advertised)
- Fed's Beige Book business survey shows "modest to moderate growth" across U.S
- The Dow Transports, adjusted by the CPI, are in new high ground. Industrials, S&P etc are still lagging.
- (FT) Gabon is planning to take assets back from three international oil companies including a subsidiary of China’s Sinopec in a sign of Africa’s growing assertiveness as competition intensifies for its natural resources.
- (Spiegel) There are more journalists in prison in Turkey than in any other country.
- Germany's high court made clear that it was skeptical of the ECB's program to buy unlimited quantities of sovereign bonds from struggling euro-zone member states. It could strike down the most successful tool in combating the crisis.
- The USDA trimmed corn production just 1%, to 14.005 billion bushels, well ahead of the market consensus. Traders had expected a drop of 2.2%. Ending stocks also surpassed market expectations. The USDA pegged 2013/14 corn ending stocks at 1.95 billion bushels, down from May but still the largest in eight years, and more than 8 % larger than the 1.8 billion traders expected.
- This year the world will eat 112m tonnes of pork. Around half will be munched in Chinese mouths, according to the Agricultural Outlook report from the FAO and the OECD, a rich country club. The Chinese have been the world's biggest meat-eaters for over two decades. Pork is their favourite: each person scoffs about 38kg a year, compared with 28kg swallowed by Americans.
- (FT) Sharp drop in availability of scrap copper has caught the attention of some hedge funds and traders, making them bullish about the red metal
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