We've got another bailout nation. And -- at least for now -- it looks to have won the markets’ approval. Spain's euro zone partners announced Saturday
they're prepared to cut a cheque for up to 100 billion euros to shore up the country's banks. A formal request is expected before euro zone finance
ministers meet June 21. Spain's PM says the backstop "is a clear message that the euro project is irreversible."
Lots of questions to be answered: would 100 billion euros be enough to solve the country's real estate-induced banking crisis? How will other Euro nations
already choking on austerity respond? How much of a reprieve from the markets has this won Spain, and what happens when everyone is reminded of the
economic reality? What happens to confidence in the banks after Moody’s imminent downgrades of some of the world’s largest financial institutions? What
happens after the Greek election? And is today’s market reaction relief or short covering? The list goes on, and on.
If only the Euro group could bailout Holland’s attack at the Euro Cup, but I digress.
China delivered its monthly data dump over the weekend, giving us some explanation for last week’s rate cut by the People’s Bank of China. While exports
handily topped expectations, retail sales and industrial production lagged. Toss in inflation slipping to 3 percent, and we’ve got room to ask what the
next policy moves will be in China.
bursts out of the gates with analysis of all the weekend developments, with perspective from a variety of asset classes. Coverage continues throughout the
morning, including the first of Howard’s chats with economic and business leaders at the Conference de Montreal. At some point today, we need to hear what
it all means for Canada.
Alimentation Couche-Tard is stomping on speculation it could bump its bid for Statoil Fuel and Retail. It’s reiterating the current offer is the best and
final bid, and the CFO says investors should consider it carefully, given market conditions.
Tim Cook takes the stage at 1 p.m. ET for his keynote at Apple’s developers conference. News on next-generation software for the iPad and iPhone is
Today’s WSJ includes a nice wrap on investor discontent with the executive retention plan at Xstrata post-Glencore deal. The takeover plan goes to a vote
July 12, and it looks like opposition is mounting. We should be hearing from a shareholder. The backlash against compensation is timely for BNN, with
Headline’s half hour review of pay packages today at 1 p.m. ET. Don’t miss what Stephen Jarislowsky has to say.
We’ll get some insight into thinking at the Fed ahead of next week’s rate decision, with three voting FOMC members speaking today. It starts with the
Atlanta and SF regional presidents’ speeches at noon.
Residents near the site of the ruptured pipeline that sent several thousand barrels of oil into the Red Deer River are still looking for answers from
Plains Midstream Canada and provincial officials. The spill is contained, but the damage might not be for the industry. Let’s consider implications for the
rest of the pipeline crowd.
MPs are facing a couple of sleepless nights this week, with voting set to begin on the government’s omnibus budget legislation. There’s talk voting could
run more than 40 hours. It should be a lock for the majority government, but marathon sessions always leave room for human error when exhaustion kicks in.
Every morning Managing Editor Marty Cej writes a "chase note" to
BNN's editorial staff listing the stories and events that will be in
the spotlight that day. In Marty's absence today's note was written by
BNN's assignment editor Noah Zivitz.