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Pence Wealth Management Financial Markets Report

US FINANCIAL MARKET

U.S. Stocks decline at the open on economic data amid Iraq tension

  •  The price of oil surged after violence in Iraq threatened to disrupt supplies.

Intel loses court challenge against $1.4 billion EU fine

  • The European Commission in its 2009 decision said Intel tried to thwart rival Advanced Micro Devices by giving rebates to PC makers Dell, Hewlett-Packard, NEC and Lenovo for buying most of their computer chips from Intel.

Twitter COO Rowghani resigns amid lackluster growth

  • Twitter do not intend to hire a replacement for Rowghani.
  • Rowghani, will continue to be an employee of the company and act as a strategic adviser to the chief executive.

Amazon offers limited streaming music service with Prime

  • The new feature, dubbed “Prime Music,” allows subscribers of the $99-a-year program to stream or download more than a million songs without added fees or interruptions from advertisements.
  • But the selection on Amazon’s streaming service is less robust than Spotify and Beats, which both offer more than 20 million songs.

Starbucks to Let Coffee Drinkers Wirelessly Charge Smartphones

  • Starbucks, which operates about 4,500 stores in the U.S., is teaming up with Duracell Powermat to let customers recharge mobile devices wirelessly instead of hunting for available wall outlets in stores.
  • Customers can place their compatible devices on so-called Powermat Spots on counters and tables to recharge them.
  • Duracell Powermat is a venture between Procter & Gamble’s Duracell brand and closely held Powermat Technologies.

 

US ECONOMY & POLITICS

U.S. retail sales miss expectations

  • Retail sales gained 0.3 % last month. While that was below economists’ expectations for a 0.6 % rise, April’s retail sales were revised to show a 0.5 % increase.
  • So-called core retail sales, which strip out automobiles, gasoline, building materials and food services, were unchanged last month.
  • Economic growth in the second quarter is expected to top a 3.0 % annual pace after contracting at a 1.0 % rate in the January-March period.

Jobless Claims in U.S. Increased Last Week

  • Initial claims for state unemployment benefits climbed 4,000 to a seasonally adjusted 317,000 for the week ended June 7.

Import prices edged up last month

  • Import prices edged up 0.1 % last month after falling 0.5 % in April. In the 12 months through May, prices increased 0.4 %, advancing for the first time since July

 

EUROPE & WORLD

Euro zone robust April output boosts second-quarter GDP growth hopes

  • Euro zone industrial output rose 0.8 % on the month in April.
  • The monthly production rise, strongest in five months, was mainly driven by a 2.5 % rise in energy output, followed by a 2.1 % increase in non-durable consumer goods output.

 

TODAY in HISTORY

  • Emilio Aguinaldo, head of the Philippine nationalists, proclaimed independence from Spain.

 

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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