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Pence Wealth Management Financial Markets Report


  • U.S. stocks retreat at the open after data showed a gauge of American manufacturing dropped in May. Treasuries slid for a third day, while copper rallied as manufacturing in China expanded at the fastest pace in five months.
    • Investors will also be looking to Europe this week as Mario Draghi confronts the threat of deflation, preparing to unleash an array of measures to jolt the economy and ignite prices.
      • Of 50 economists surveyed by Bloomberg News, 44 expect the ECB to become the first major central bank to take interest rates into negative territory by cutting its deposit rate. 
  • An insider trading investigation of golfer Phil Mickelson, sports bettor Billy Walters and activist investor Carl Icahn have derailed government efforts to secretly deploy wiretaps, the Wall Street Journal reported on Sunday.
    • Federal investigators have been looking into whether Mickelson and Walters may have traded illegally on private information provided by Icahn.
  • Ventas to buy ARC Healthcare Trust for $2.6 Billion.
    • The deal with ARC Healthcare amounts to $11.33 per ARC share, Ventas said.
    • Health-care REITs, which soared to records early last year, have been the worst-performing part of the property-trust market in the past 12 months.
    • The ARC senior-housing properties are 94 percent occupied and generate $4,300 per occupied room.
    • The U.S. had 526,144 senior-housing units in the 31 largest markets in the first quarter, up 1.4 percent from a year earlier, and an additional 16,181 units are under construction.
  • Valeant and Pershing go hostile in $53.8 billion Allergan bid.
    • Valeant said on Friday that it would pay $72 in cash and 0.83 share of its stock for each Allergan share, increasing its offer for the second time last week.
  • Broadcom to explore options for cellular baseband business. Broadcom shares jumped 11 percent at the open.
    • A sale or wind-down of the business will reduce expenses by about $700 million, the Irvine, California-based company said.
    • Baseband chips are used to connect phones to cellular networks, a business dominated by rival Qualcomm.
  • Samsung to launch first Tizen-based smartphone.
    • The majority of Samsung’s mobile devices are based on Google’s Android platform. 
    • By launching Tizen operating system, Samsung plans to build up its own ecosystem and reduce reliance on Google.
    • The Samsung executive said he thinks Tizen would have to account for up to 15 percent of Samsung’s total smartphone shipments to be deemed a success.


  • U.S. factory activity expands further in May.
    • Markit’s U.S. Manufacturing Purchasing Managers Index (PMI) rose to 56.4 in May from 55.4 in April.
    • The output subindex was the highest since February 2011, coming in at 59.6.
    • The employment subindex was unchanged from April at 53.7.
  • The Institute for Supply Management’s (ISM) factory index fell to 53.2 in May from 54.9 in the prior month.
    • Some companies may be waiting for more evidence of a pickup in sales before they add new equipment and expand capacity. 


  • China accelerates as euro zone stumbles.
    • Markit’s euro zone Manufacturing Purchasing Managers’ Index (PMI) slipped to a six-month low of 52.2 in May from April’s 53.4 as strong figures from Germany failed to offset a contraction in activity in France.
      • A subindex measuring output sank to 54.3 from 56.5.
    • China’s official PMI rose to 50.8 in May from April’s 50.4, beating market expectations of 50.6.
  • German union extends strikes at Amazon warehouses.
    • The U.S. company employs a total of 9,000 warehouse staff at nine distribution centers in Germany, its second-biggest market behind the United States, plus 14,000 seasonal workers.


  • Grover Cleveland became the first U.S. president to get married in the White House (1886)
  • Congress granted U.S. citizenship to all American Indians (1924)
  • Queen Elizabeth IIof Britain was crowned in Westminster Abbey (1953)
  • Timothy McVeigh was found guilty of the bombing of the federal building in Oklahoma City (1997)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg.

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