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  • US Stocks rose, returning to where they were before the UK’s vote to leave the EU.
  • Nonfarm payrolls increase by 287,000 in June; unemployment rate at 4.9%.
  • Initially Treasury yields jumped and the U.S. dollar surged, but both since pared their gains.
  • For commodities, U.S.-traded crude oil was up 0.8% at $45.50 a barrel.
  • In Europe, Italian Bank Governor Ignazio Visco said intervention may be needed to prevent problems afflicting Italy’s weakest banks from spreading to other lenders.
  • The Dallas police shootings left five officers dead and seven wounded, along with two civilians who were wounded, before police killed shooter with a robot-delivered bomb.


Facebook Launches End-to-End Encryption Option for Messenger

  • The social-network giant said it is testing the ability to create “one-to-one secret conversations in Messenger that will be end-to-end encrypted and which can only be read on one device of the person you’re communicating with.”
  • Users also can opt to set a timer to control the length of time each message they send remains visible within the conversation.
  • Facebook said the technology uses the encryption software developed by Open Whisper Systems, a not-for-profit security-development group.
  • WhatsApp texting service said it had strengthened its encryption—also using Open Whisper Systems—so only the sender and receiver are able to read the contents of messages.

Google experiments with post-quantum algorithms in race against hackers

  • Aiming to stay ahead of hackers, Google is experimenting with post-quantum algorithms to encrypt the Canary version of Chrome.
  • Google’s new system, dubbed the New Hope algorithm, will use standard cryptography in addition to a new post-quantum key-exchange algorithm.
  • Google users who want to participate in the experiment can install the Canary version of Chrome.

Huawei Technologies Files Patent Suit Against T-Mobile US

  • Chinese maker of telecoms networking equipment says U.S. carrier used its technology without being licensed.
  • Huawei, one of the world’s biggest suppliers of telecom networking equipment such as base stations, has been filing an increasing number of patent applications overseas while pouring billions of dollars into research and development.

Twitter seeks NBA, MLS, Turner deals to Buy Digital Streaming Rights

  • This content could either actual game footage or live interviews and analysis.
  • The report comes two months after the microblogging service struck a deal with the NFL to stream some of its Thursday Night Football games this fall.
  • Twitter also streamed pre- and post-game content around Wimbledon this week.

U.S. Regulator Bans Theranos CEO Elizabeth Holmes From Operating Labs for Two Years

  • The Silicon Valley company announced the sanctions, by the Centers for Medicare and Medicaid Services.
  • Regulatory experts say the determination by CMS is highly unusual for a lab of such prominence.
  • They question where this will leave the company and its founder.

Siris Capital to buy Polycom for about $1.7 billion, thwarting Elliott’s Mitel merger

  • San Jose, California-based Polycom will pay Mitel a termination fee of $60 million.

Lockheed Martin wins $560 million U.S. defense contract

  • Lockheed Martin is being awarded a $559.5 million contract to support production of F-35 Lightning II Joint Strike Fighter aircraft.

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U.S. Job Growth Roars Back in June

  • The nation adds 287,000 jobs, the strongest month of hiring since last October, after a disappointing May.
  • May’s figure was revised down to a gain of 11,000, the weakest month of hiring since the U.S. stopped shedding jobs in 2010.
  • The unemployment rate rose to 4.9% in June from 4.7% in May, partly retracing its drop from 5.0% in April.
  • The labor-force participation rate ticked up to 62.7%.


Consumer Credit is Expected to Rise $16 billion in May

  • Revolving credit has been showing intermittent lift but only real strength in this component would point to less reluctance among consumers to run up their credit cards.
  • Non-revolving credit has been the strength of this report, in part reflecting easing loan terms for vehicle sales.
  • Results will be released today at 3 PM.

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IMF Warns Brexit Will Impinge on Eurozone Economic Growth

  • Washington-based fund paints gloomier picture than just four weeks ago, with Brexit coming on top of refugee crisis, terror attacks, low inflation, and weak banks.
  • IMF expects GDP to grow for the 19-country bloc by 1.6% this year, slowing to 1.4% for next year.
  • The Brexit effect will last through 2018, when the eurozone will grow 1.6% rather than 1.7%.
  • Inflation this year is expected to remain at a superlow 0.2%, below the 0.3% forecast ahead of the referendum.
  • It is expected to rise to 1.1%, rather than 1.2%, in 2017 due to higher energy prices.

UK goods trade deficit narrower than forecast in May

  • Since the referendum, sterling has fallen more than 10% on a trade-weighted basis and it hit its lowest against the U.S. dollar since 1985.
  • Britain’s deficit in goods alone stood at slightly widened to 9.879 billion pounds.
  • There was a similar pattern for the overall deficit in goods and services, which stood at 2.263 billion in May.
  • British economic growth slowed to a quarterly rate of 0.4% in the first three months of 2016, down from 0.7% in quarter four.
  • Annual growth in unit labor costs – the amount it costs employers to produce a given amount of output – picked up to 1.9% from 1.5%.

UK launches bilateral trade talks for post-Brexit deal with India

  • Britain has negotiated its trade deals through the EU for decades.
  • Formal negotiations between Britain and countries such as India and the United States will have to wait for London to settle its future ties with the EU, something that is likely to take years.
  • Britain was the biggest foreign investor among the Group of 20 nations in India in 2015, while India represents the third-largest source of foreign direct investment in Britain.
  • Bilateral trade in goods and services last year was worth 16.55 billion pounds ($21.33 billion).

German exports plunge: ‘Performance not champion-like’

  • Germany’s economy grew by 0.7 % in the first quarter, its strongest quarterly rate in two years.
  • Soaring private consumption, higher construction investment and state spending on refugees more than offset a dip in trade.
  • Overall, seasonally adjusted exports dropped 1.8% on the month while imports inched up 0.1% on the month.
  • The plunge in exports narrowed the seasonally adjusted trade surplus to 22.2 billion euros ($24.6 billion) from a revised 24.1 billion euros in April.

Germany Puts Brake on Renewable Energy Expansion

  • German lawmakers on Friday voted to limit the expansion of renewable power.
  • This is in response to concerns that the country’s efforts to promote green energy has resulted in too much too soon.
  • A new law will require generators of renewable energy to submit bids on a restricted number of projects as of 2017.
  • This will be replacing a system that allowed an unlimited number of projects to go forward at guaranteed prices, called feed-in tariffs.
  • Under the new system, prices will be proposed by bidders.

China President Xi says economy operating in line with expectations

  • China’s economy is basically stable and operations are in line with expectations as China will firmly push ahead with supply-side reform.
  • Xi said that they will also continue to implement prudent monetary policy and proactive fiscal policy.
  • In a separate report, China’s urban unemployment rate was 4.05% ending in June, while it created 7.17 million new urban jobs for the first half of 2016.
  • Premier Li Keqiang said that China will create 10 million new urban jobs and hold the urban unemployment rate below 4.5% in 2016.

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The first public reading of the Declaration of Independence was given in Philadelphia, Pa. (1776)


Vermont became the first colony to abolish slavery. (1777)

BN-DM230_WSJ125_E_20140630135720The Wall Street Journal began publication. (1889)


General Douglas MacArthur was named commander-in-chief of the United Nations forces in Korea. (1950)


The Recording Industry Association of America (RIAA) awarded the first official gold album. It was for the Oklahoma soundtrack. (1958)

The space shuttle Atlantis launches into space for the 135th and final time from Kennedy Space Center, marking the end of the space shuttle program started in 1981. (2011)

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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, Wall Street Journal.

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