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An emergency summit on Greece is getting underway. Leaders from across the European Union are gathering in Brussels to try to work out a deal to unlock aid to Greece and prevent a default. The Greek government is said to be making concessions on moving the retirement age to 67 (from 59 for women and 63 for men) and increasing the value-added tax on certain items. Hope of a deal coming to fruition has Greece's stock market higher by 8%.
Tuesday will be a 'difficult' day for Greece if no deal is reached. Bank of Greece Gov. Yannis Stournaras called a special meeting with senior bankers to discuss the exodus of money from the Greek banking system. Reports suggest that Stournaras did not discuss capital controls but suggested difficult decisions would need to be made if negotiations at the emergency summit in Brussels did not produce an agreement. According to one senior banker: "We discussed technical issues relating to ATM machines. Feeding them with cash is a big logistical problem." Greece's two-year yield is sharply lower, down 457 basis points at 23.61%.
Cigna has rejected Anthem's takeover bid. The health insurer Cigna has rejected a $47 billion takeover attempt by its rival Anthem. Cigna called the bid "inadequate" and said it was skewed heavily in favor of Anthem shareholders. The bid of about $184 per share in cash and stock was at an 18% premium to Friday's closing price. According to Anthem, the size of the deal was closer to $54 billion when including debt.
Apple will pay artists during the Apple Music 3-month customer trial period. Apple has decided to pay artists royalties during the Apple Music three-month trial period after Taylor Swift called the initial decision not to "shocking, disappointing, and completely unlike this historically progressive and generous company." Apple senior vice president Eddy Cue tweeted: "Apple Music will pay artists for streaming even during customers' free trial period. We hear you @taylorswift13 and indie artists. Love, Apple."
Amazon plans to pay authors based on page reads. The online retailer is experimenting with "Kindle Unlimited Pages Read," which will pay authors based on the number of pages a reader sees. The company says the idea is designed to compensate authors based on the length of their books and the number of pages a reader reads. According to Amazon, "the author of a 100-page book that was borrowed and read completely 100 times would earn $1,000." It continued, "The author of a 200-page book that was borrowed 100 times but only read halfway through on average would earn $1,000" as well.
Inflation expectations are rising in Japan. Bank of Japan Gov. Haruhiko Kuroda suggested his 2% inflation target could be reached sometime between April and September 2016. The Japan Times reports, "A government survey released June 9 showed two in five consumers expect prices to rise by 2 to 5% in 12 months, while a quarter estimate they will jump more than 5%." The increase in inflation expectations is a contributing force to inflation, as economic theory suggests consumers will spend more now if they believe prices will be higher later. Japan's yen is lower by 0.4% at 123.24 per dollar.
Leverage was at least partially responsible for Friday's stock-market plunge in China. China's Shanghai Composite tumbled 6.4% on Friday. According to a report from Bloomberg, investor leverage in Chinese stocks fell to 1.479 trillion yuan from 1.483 trillion yuan, making for the first decline since May 22. The decline wiped out $1.3 trillion in shareholder wealth and was larger than the size of the entire Australian stock market.
UK business leaders are leading a pro-'Brexit' campaign. A study released by prominent UK business leaders shows Brits are becoming increasingly supportive of Britain exiting the European Union. The study concluded that Prime Minister David Cameron needed to make "major reforms" to "introduce mechanisms to reduce the burden of regulation on businesses." Specifically, it says, Cameron needs to curate greater "control over social and employment laws." A referendum on Britain's membership in the EU must occur by 2017. Britain's pound is down 0.4% at 1.5827.
Stocks are higher around the world. France's CAC (+3.2%) leads the gains in Europe after Japan's Nikkei (+1.3%) paced the advance in Asia. China's Shanghai Composite was closed in observance of Dragon Boat Festival.
US economic data is light. Existing home sales will be released at 10 a.m. ET. The US 10-year yield is higher by 6 basis points at 2.32%.
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