After Wall Street’s lackluster performance overnight, Asian markets are expected to trade on a bearish tone Tuesday, though Chinese shares may pull another surprise. Retail investors in China continue to invest in stocks, helping push up the main indexes to seven-year highs. Meanwhile, all eyes will be on HSBC as the British lender is set to outline its strategies that may include another round of job cuts and exiting from some countries to improve its profitability.
Asian shares seen lower following Wall Street’s drop overnight. The Nikkei may ease as both the Chicago ad Osaka futures were trading below the index’s close on Monday. CNBC
HSBC may announce job cuts, close some businesses. In a meeting scheduled for Tuesday, chief executive Stuart Gulliver is largely expected to announce shutting down businesses in Brazil and Turkey and reduce its investment bank to boost its profitability. Reuters
Apple’s Worldwide Developers Conference broke the mold. Apple’s WWDC today presented the company’s answer to music streaming. And, maybe even more importantly, women took the stage during a keynote talk. Jennifer Bailey, v.p. of Apple Pay, and Susan Prescott were the first women on stage at the conference since 2010 when Zynga’s Jen Herman gave a demo of Farmville. Bloomberg
Barclays ‘1o commandments’ email writer out of work. Justin Kwan, writer of the ’10 commandments’ for Barclays’ summer interns, has lost his job as a second-year analyst at the firm. Kwan’s humorous email wasn’t taken well, and also managed to lose him a job offer from the Carlyle Group. Double ouch. Gawker
Netflix pulls an Ace and hires Brad Pitt. The streaming king Netflix is taking on Hollywood by distributing War Machine, a flick staring Pitt. The satire movie is loosely based on Michael Hasting’s book and writings on General Stanley McChrystal. Vanity Fair
New York murderers are on the loose. Convicted murderers David Sweat and Richard Matt somehow managed to escape from a high security prison in upstate New York, about 20 miles from the Canadian border. New York Governor Andrew Cuomo says that the men likely had help escaping from prison employees. The duo left behind a note with a smiley face that said “Have a nice day!” Wall Street Journal (paywall)
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