Bonds are the canary in the mine and they look short on oxygen, denting stock prices. The dollar continues to roll back its gains as well. Former FIFA official Chuck Blazer admitted taking bribes for his vote on the World Soccer Cup in partial transcripts released from a New York hearing. He pleaded guilty to ten counts. Meanwhile, one soccer exec targeted for arrest in Switzerland slipped away because he was hungry.
Bond yields globally rise, wiping out 2015 gains. The German Bund yield approached 1%, a 2015 high, denting stock prices in Europe. The dollar sagged against the Euro which broached $1.13. Stock prices were lower globally, although the Shanghai index staged a late comeback despite spending most of the day lower. The talk between Greece and its creditors dragged on with one Greek official saying the troubled nation would not “surrender” to its creditors. Bloomberg, Reuters
China censors online talk about Yangtze sinking; families charge police. Only 14 survivors have emerged so far from the more than 450 known to have been on the doomed boat that sank on Tuesday. Relatives have been protesting near the site, angry about the lack of information. Quartz, BBC.
Dish Network and T-Mobile reportedly in merger talks. The two are said to be close to an agreement but no word yet on price. Mergers are the thing these days in telecom. AT&T is closing its deal with Dish rival Direct TV for $49 billion and Charter Communications just announced plans to merge with Time Warner and Bright Communications in a $67 billion deal. Wall Street Journal (paywall)
Glencore plans to cut coal production. The Australian firm is hoping that by cutting its output, the current supply glut in the global market, exacerbated by slowing demand in China, could help stabilize prices. MarketWatch
AIG sells $3.7 billion shares in AerCap Holdings. The U.S. insurer sold around 71.2 million shares in the aircraft leasing company to the public. With the sale, AIG’s stake in AerCap fell to 5% from 46%. Bloomberg
GE plans to sell $20 billion assets. General Electric hired banks including JPMorgan Chase, Deutsche Bank, and Barclays to help unload its healthcare, railcar,and franchise lending divisions. Bloomberg