NexAmerica AM: Strong car sales expected; dollar hits 13-year high vs yen; few survivors found in Yangtze sinking

    Ford SUV

    Good morning,

    China is mourning the possible loss of hundreds of passengers on a pleasure boat that sank on the Yangtze River. The ferry carried 458 people; only 12 survivors and five bodies have been recovered so far. The tortuous talks between Greece and its creditors weighed on European markets which were lower in thin trading. This morning, watch for US auto sales numbers from May, which are expected to hit a record.

    Ford to shorten summer break to meet rising demand for SUVs. The U.S. automaker said it would cut the second half of a planned two-week holiday for its workers, set to begin June 29. Bloomberg

    China goods glutting market, contribute to deflation. Commodity suppliers and manufacturers in China are trimming prices to stay in business. And its effecting businesses globally: “In the rubber-tree fields of Southeast Asia, planters are scrambling to cut prices for their latex fast enough to keep customers in China happy. In the U.S., tire distributors are marking down prices and some are cutting staff as China floods the U.S. with discounted goods from unneeded factories.” Wall Street Journal (paywall)

    Brookfield Property Partners buys Center Parcs. The U.S. firm bought the British holiday resort company from Blackstone, which had reportedly rejected a $3 billion bid from another bidder. The transaction is expected to be completed in July. Blackstone had hired two investment banks in February for “a potential London listing.” Reuters

    Dollar scales 2-1/2-year high versus yen.  The U.S. currency traded above the 125 yen level for the first time since late 2002, before moving back to 124.64. Upbeat data including a survey that showed U.S. manufacturing activity rose last month boosted sentiment on the greenback. Reuters

     Photo by Victor Nunez Diaz via Flickr.