Good morning,
U.S. markets are in a holding pattern as turmoil continues to bubble in China, where the market is suffering one of its worst weeks, and in Europe, where the ongoing Greek crisis drags on and on. Democratic forces in Hong Kong were celebrating overnight as the government voted down a Beijing-backed package that would force mainland-vetted candidates for chief executive. At 8:30 a.m. ET, the U.S. reports on the Consumer Price Index, which is expected to have risen 0.2% in May; over the last 12 months since April the inflation measure has dipped 0.2%.
Merkel says deal still possible with Greece. German chancellor Angela Merkel is optimistic that Greece and its creditors can still hammer out an agreement to prevent the country from defaulting on its debts. That is, if Greece shows the will to put in place much-needed structural reforms. Financiual Times (paywall)
Man kills nine in South Carolina church. Among those who died was the pastor when a gunman, described as a 21-year-old white man, opened fire during a prayer service at an African-American church in Charleston, one of the oldest and largest black congregation in the South. Police described the attack as a hate crime. Reuters
Barney Frank joins a bank board. Now you’ve heard everything. The leading force behind the Dodd-Frank financial reform bill is joining Signature Bank. “I like this business model in particular,” Mr. Frank said in an interview. “They don’t get involved with exotic derivatives and credit default swaps.” Wall Street Journal
The $10 bill to get a woman, nudging aside Alexander Hamilton. Many had expected Harriet Tubman to replace the far less popular Andrew Jackson on the $20 billion. Treasury Secretary Jack Lew said Hamilton, the first to hold his job, would not disappear from the $10 bill. Lew said the $20 bill wasn’t up for redesign. Treasury will reveal the identity of the woman to be honored — the first since Pocahantas and Martha Washington more than a 100 years ago. CNBC
Investment bankers to the rescue as GM, Fiat merger talks hit a snag. The two U.S. carmakers turned to investment bankers to help deal with the stand-off, while Fiat is seeking to forge the merger with GM. Goldman Sachs and Morgan Stanley are advising GM, while UBS is working with Fiat. Reuters
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