Good morning everyone. Topping the news today is the U.S. cranking out 223,000 more jobs last month while unemployment fell 0.2% to 5.3%. Not bad, though apparently disappointing enough to fuel speculation that the Fed may keep ZIRP on for a little longer. In their defense, April and May’s jobs numbers were both revised downwards, June’s figure did miss estimates, and wage growth has seemingly stalled.
Here’s what else you should know:
Asian futures tank ahead of Greek referendum. Futures contracts on the Nikkei, the FTSE China A50, and the Hang Seng China Enterprises Index all fell at least 0.3% in their latest trading, showing signs that Greece’s problems may have finally caught up on the region. Bloomberg
BP reaches settlement for 2010 spill. The U.S. government and Gulf Coast states reached a record-setting $18.7 billion settlement with BP Thursday, after the 2010 oil spill. A judge must still approve the amount, which will be the largest environmental settlement ever.
IMF has more to say on Greece and the current government won’t like it. Discussions may have ended, but that doesn’t mean people aren’t talking about Greece. The IMF has warned the E.U. that the country needs at least €60 billion in extra funds over the next three years and massive debt relief to stabilize the economy. Greek debt is “unsustainable,” the IMF says, adding that recent decisions have worsened the economy. The international organization doesn’t specifically say, you, Syriza are responsible for the current mess — but the implications are clear. The Guardian, New York Times (paywall)
Photo credit: Hector Romero via Flickr