Good morning,
Welcome to June and jobs week. All week the markets will be debating just how well the employment market was in May and whether the data will support or dispel the argument that the weak numbers of the first quarter were quirks of the weather. Meanwhile, look out for personal income and spending as well as inflation at 8:30 ET. At 10:00, ISM manufacturing rolls out as does construction spending. U.S. futures are modestly higher this a.m. Everyone knows that summer is a good time to shop for a new home. The two-bedroom apartment of the late funnyman Andy Rooney is up for sale for $2.35 million in Manhattan. You can gawk at his typewriter if you go for a visit (it’s not for sale). Wall Street Journal
You can talk freely now on the phone. A piece of The Patriot Act expired just after midnight on Monday. Section 215 gave the U.S. government a free hand to collect phone records of everyone from citizens to universities to Internet service providers — all part of the effort to thwart terrorism. New York Times (paywall)/Quartz
European stocks little changed. Prices were pared back after disappointing news on the manufacturing sector. The Purchasing Managers Index for the euro area rose to 52.2 in May from 52 in April, slightly below the expected 52.3. Greece is still wrangling with its creditors over budget constraints in rancorous talks. Bloomberg
ISIL is ratcheting up food prices in Baghdad. Bombs keep customers away but the high prices are devastating. The strong dollar and lower oil prices are keeping consumers away from local markets. Some merchants say the effect is even worse than car bombs. Quartz
Intel set to announce $17 billion deal with Altera. The chip maker is preparing to announce a deal that will pay Altera shareholders around $54 apiece, a level rejected by the firm in April during earlier discussions. The transaction, which may still fail at the last minute, will help Intel increase revenue. Talks between the two parties collapsed in April after Altera rejected Intel.’s offer. The Wall Street Journal (paywall)
Nestle India faces criminal complaint. India’s food and safety officials filed a criminal complaint against the company after a routine test showed that two dozens of Maggi 2-Minute Noodles have dangerous levels of lead. The Wall Street Journal (paywall)
Hackers attack Japan pension system. Over a million personal data including names and identification numbers were leaked after hackers attacked the computers of Japan Pension System. Reuters
Photo by Darwin Bell via Flickr.