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FOR MONDAY, JUNE 19, 2017

For the full report including more on Top News, Analysis and Insight, click here

COMING UP IN U.S. – WEEK AHEAD
• U.S. banks and their investors hope to see evidence of easing regulatory pressure in their annual stress-test scores that will be released by the Federal Reserve on Thursday. The hypothetical scenarios for economic and market stress for this year’s test were set in January. Results from the latest supervisory stress tests conducted as part of the Dodd-Frank Act could show that after the November elections regulators are more inclined to give banks the benefit of doubts about their underlying strength. The scores are the first from the Fed since Donald Trump was elected president and promised to ease up on regulation to encourage banks to lend more.

• A week after the U.S. Federal Reserve hiked interest rates, several Fed Presidents will make appearances across the country. On Thursday, Fed Board Governor Jerome Powell, Federal Deposit Insurance Corp. Chairman Martin Gruenberg, National Credit Union Administration acting Chairman J. Mark McWatters, Office of the Comptroller of the Currency acting Comptroller Keith Noreika and Texas Department of Banking Commissioner Charles Cooper are scheduled to testify before a Senate Banking Committee hearing, “Fostering Economic Growth: Regulator Perspective,” in Washington. The Boston Fed will release speech text of President Eric Rosengren on Tuesday as delivered before a closed meeting of the De Nederlandsche Bank & Sveriges Riksbank Macroprudential Conference Series in Amsterdam. On Friday, Cleveland Fed President Loretta Mester is scheduled to give a closing keynote speech before the 2017 Policy Summit on Housing, Human Capital and Inequality, co-hosted by the Cleveland Fed in Cleveland.

• Housing data next week could offer fresh clues on the health of the housing market after homebuilding declined in May for a third straight month. The National Association of Realtors is expected to report on Wednesday that existing home sales fell 0.7 percent in May to 5.55 million unit rate, according to a Reuters survey of economists. Commerce Department data on Friday will likely show 5.5 percent rebound in home sales to 600,000 unit-pace in May.

LIVECHAT ON MONDAY: GLOBAL WEEK AHEAD
Macroeconomist, and off-hours umpire, Kim Rupert is a managing director at Action Economics and calls ’em as she sees ’em – the data due, the policymaker speeches on tap and other events likely to affect global markets in the week ahead (1115/1515) To join the Global Markets Forum, click here

To read more upcoming events, click here


TOP NEWS
Amazon moves into real-world stores with $13.7 billion Whole Foods deal
Amazon.com said it would buy grocer Whole Foods Market for $13.7 billion in a move that gives the online retailer a physical network of stores to distribute fresh food and other goods to millennials and wealthy consumers.

Apple poaches top Sony TV executives to boost video content
Apple has hired two long-time Sony Pictures Television executives to expand the iPhone maker’s push into original television programming, plunging deeper into a field crowded by Hollywood studios and online streaming services.

Wal-Mart to buy Bonobos, but shares dip on Amazon-Whole Foods deal
Wal-Mart said it would buy online men’s fashion retailer Bonobos Inc for $310 million, in its fourth e-commerce deal in under a year, as it seeks to bridge the gap with e-commerce leader Amazon.com.

Trump’s Cuba rollback to spare airlines but could hurt demand
Cuba will spare airlines and cruise operators who have bet on a new revenue source, but the rollback could affect them by weakening demand.

U.S. EPA suspected Fiat Chrysler of using ‘defeat device’ in 2015
The U.S. Environmental Protection Agency told Fiat Chrysler Automobiles in November 2015 it suspected some of its vehicles had at least one “defeat device” that improperly bypassed emissions controls, emails disclosed under a public records request show.

To read more top news, click here

U.S. HOUSING STARTS, BUILDING PERMITS


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MARKET RECAP AT 4 pm ET
Nasdaq ended lower after Amazon.com’s announcement to buy Whole Foods Market roiled the retail sector, while energy shares helped buoy the S&P 500 and Dow. Disappointing U.S. economic data hurt the dollar, while Treasuries edged higher. Oil prices rose as some producers reduced exports and U.S. rig additions slowed and gold was little changed.

To read more on markets, click here


COMING UP IN CANADA – ON MONDAY 

• Canadian Finance Minister Bill Morneau will hold a press conference after meeting with his provincial counterparts. The ministers may discuss details of a potential tax sharing regime for recreational marijuana, which is set to be legalized next year.

• An interview with SNC Lavalin Group executive Ian Edwards on U.S. President Donald Trump’s $1-trillion campaign plan to upgrade America’s aging roads, bridges and waterways is scheduled. While citing new opportunities in the United States, SNC’s chief executive recently described Canada as “probably the most attractive market in the world today in infrastructure.”

CANADA TOP NEWS
Foreign investment in Canadian securities slows in April
Foreign investment in Canadian securities slowed in April as investors scooped up bonds but sold their equities holdings, data from Statistics Canada showed.

Canadian small business lending strengthens in April -PayNet
Lending to small Canadian businesses picked up in April, boosted by activity in consumer-related sectors and suggesting growth in the broader economy was gaining momentum, data showed.

Canadian miners, casinos hit by hacker eyeing new targets -FireEye
The same hacker targeting Canadian casinos and mining companies for extortion since 2013 is planning more attacks, researchers at cyber security company FireEye said in a report.

Alleged Canadian hacker may not fight U.S. extradition – lawyer
The Canadian accused of helping Russian intelligence agents break into email accounts as part of a massive 2014 breach of Yahoo accounts may waive his right to fight a U.S. extradition request, his lawyer said.

INSIGHT AND ANALYSIS
U.S. tech stocks shaken, but market not stirred
The five largest U.S. technology companies may have lost enough market capitalization over the past week to buy plane maker Boeing, but the benchmark S&P 500 stock index has managed to remain within a stone’s throw of its record high.

Funds pull back from Permian as U.S. shale oil firms go into overdrive
Cash, people and equipment are pouring into the prolific Permian shale basin in Texas as business booms in the largest U.S. oilfield.

INTERVIEW-Taxify hopes to lure Uber drivers with larger share of the fare
The key to success for ride sharers is keeping drivers happy so they run the app ensuring enough cars to meet passenger demand.

WEALTH NEWS
U.S. housing starts hit eight-month low; building permits weak
U.S. homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter.

Fed’s lone dissenter Kashkari says weak inflation a concern
Minneapolis Federal Reserve President Neel Kashkari said that he dissented on the U.S. central bank’s decision earlier this week to raise interest rates because of worries about a recent drop in inflation.

U.S. funds balk in rescue of Italy’s Monte dei Paschi – sources
Two U.S. private equity funds have quit talks to buy a mountain of bad loans from ailing Italian lender Monte dei Paschi di Siena, sources said, dealing a blow to plans to secure a state bailout for the bank.

Yellen says Fed to give banks more details on stress tests
The Federal Reserve will give banks more details on how it conducts annual stress tests, including the qualitative part of the tests, when it publishes the results later this month, Chair Janet Yellen said in a letter to Congress.

Tech to see bump in growth weighting in Russell rejig
The largecap technology sector is expected to see a bump in its growth weighting when index provider FTSE Russell completes the annual refresh of its benchmarks next Friday, a move that could lift tech shares targetted in the rejig.

For the full report including more on Top News, Analysis and Insight, click here

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