Good morning,
It’s jobs day in the U.S. Does anything else matter? Nonfarm payrolls are expected to rise by 226,000 and wages to rise by 0.2$ in May, according to a Bloomberg poll. Meanwhile OPEC meets today. Once those meetings would help determine the price of oil. But with the U.S. flush with supplies, the actions of the cartel aren’t producing much more than a big shoulder shrug.
Apple and other tech giants are elbowing out Pimco etal in the corporate bond market. The likes of Oracle and other tech firms flush with cash are trying to ramp up returns by investing in the credit markets. One issuer says that they view the new cohort on the same footing as Pimco and other major investors. Bloomberg
Greece draws a line in the sand and defers IMF payment. Just hours after IMF Managing Director Christine Lagarde informed the press that bundling Greece’s payments is off the cards, Greece notified the IMF that it would be deferring and bundling its $337 million payment due today with three other payments at the end of the month. Further complicating matters was Greek Prime Minister Alexis Tsipras, who, in a call with German Chancellor Angela Merkel and French President Francois Hollande, told the pair that the list of demands the IMF and EU submitted cannot serve as a basis for a deal. Bloomberg
Tech giants take on goliath bond funds. Apple, Oracle, along with a few of their fellow tech giants have been taking the bond markets by storm lately, setting themselves up against goliath bond houses such as Vanguard and Pimco as they brazenly gobble up new issues right and left. Bloomberg