The Traderszone Network

U.S. home resales surged to a 5-1/2-year high in May as first-time buyers stepped into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter. The strengthening economic outlook likely keeps the Federal Reserve on course to raise interest rates later this year. The National Association of Realtors said on Monday existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009.

Chinese fund manager Hillhouse Capital is leading an investment in Uber, purchasing bonds that convert into shares at a discount to the ride-hailing company’s future initial public offering price, The Wall Street Journal reports.
read more

Among the shares expected to see active trade in Tuesday’s session are those of Carnival, Darden Restaurants and IHS.
read more

Just when you thought it was safe to buy the 12% collapse (the biggest since Lehman) in Chinese stocks, they re-plunge another 3-4% with no dip-buyers evident. The drivers are twofold: first, China PMI beat expectations modestly (uh oh no more QDII, QE, PSL, etc.); and second – and much more critically – The PBOC Operations Office has called for stricter regulation of brokerage liquidity (implicitly clamping down on the seemingly infinite expansion of margin lending required to fuel the boom).

read more

Most Asian shares gain on a tide of optimism that Greece and its creditors can broker a deal to avert bankruptcy, and as expectations ramp up for further stimulus from Beijing.
read more

The euro barely budged having drifted sideways overnight as fatigue mounted over a stream of headlines indicating progress in Greek debt talks.

Wolf Richter   www.wolfstreet.com   www.amazon.com/author/wolfrichter

read more