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Pence Wealth Management Financial Markets Reports

US FINANCIAL MARKET

U.S. Stocks Fluctuate Near Record amid Deals

  • Integrys Energy jumped 15 percent after Wisconsin Energy agreed to pay $5.7 billion for the company.
  • Micros Systems rose 3.3 percent as Oracle offered to buy it for a $68 a share.
  • GE was little changed after clinching the $17 billion purchase of Alstom’s energy assets, its biggest acquisition ever.

Oil Approaches Nine-Month High on Iraq

  • Brent oil advanced as much as 85 cents to $115.66 a barrel.
  • The European benchmark crude was at a premium of $8.04 to WTI on ICE, from $7.98 on June 20.
  • WTI, the US benchmark, rose as much as 62 cents to $107.45 a barrel.
  • Southern Iraq accounted for more than 85 percent of the country’s 3.1 million barrels a day of production in April and all of its 2.5 million barrels a day of exports, which are shipped by tanker from the Persian Gulf.

U.S. Gasoline Rises to $3.7098 a Gallon in Lundberg Survey

  • The average price for regular gasoline at U.S. pumps climbed 1.87 cents in the past two weeks.
  • Prices are 11.29 cents higher than a year ago and at the highest level since May 2, the survey showed.
  • West Texas Intermediate (WTI) crude climbed $4.60, or 4.5 percent, to $107.26 a barrel on the New York Mercantile Exchange in the two weeks to June 20.
  • The highest price for gasoline in the lower-48 states among the markets surveyed was in Chicago, at $4.15 a gallon, Lundberg said.
  • The lowest price was in Tucson, Arizona, where customers paid an average $3.37 a gallon.
  • Regular gasoline averaged $3.93 a gallon on Long Island, New York, and $4.07 in Los Angeles.

Oracle to Buy Micros for $5.3 Billion to Add Hotel Software

  • Micros stockholders will get $68 a share in cash, 18 percent more than the closing price on June 16.
  • Oracle, which spent $50 billion to acquire about 100 companies in the past decade, has seen the incremental revenue gains accrued through those deals dry up.
  • The acquisition would be Oracle’s largest since the $5.7 billion takeover of Sun Microsystems in 2010.
  • Micros’s revenue totaled $1.29 billion in its fiscal 2013 and it has been growing in the low double-digit range for the past three years. 

AbbVie’s Gonzalez Seeks Quick Diversity With Shire Offer

  • In his first major move since AbbVie was spun off from Abbott last year, the CEO Gonzalez has bid $46.5 billion for Shire.

Google’s Nest to Buy Security Startup Dropcam for $555 Million

  • Dropcam makes in-home cameras that can be checked from a smartphone anywhere in the world.
  • Nest sells digital thermostats and smoke alarms that can also be checked and adjusted remotely from mobile gadgets.
  • Google bought Nest for about $3.2 billion earlier this year.

Apple, Google, Samsung vie to bring health apps to wearables

  • For decades, medical technology firms have searched for ways to let diabetics check blood sugar easily, with scant success. Now, the world’s largest mobile technology firms are getting in on the act.
  • These firms are variously hiring medical scientists and engineers, asking U.S. regulators about oversight and developing glucose-measuring features in future wearable devices.
  • The first round of technology may be limited, but eventually the companies could compete in a global blood-sugar tracking market worth over $12 billion by 2017.
  • Diabetes afflicts 29 million Americans and costs the economy some $245 billion in 2012, a 41 percent rise in five years.

US ECONOMY & POLITICS

U.S. manufacturing expands in June at fastest rate in four years: Markit

  • Markit’s Manufacturing PMI rose to 57.5 in June, above economist expectations for 56.5 and the highest reading since May 2010.
  • The output subindex jumped to 61 from 59.6 while a read on new orders rose to 61.7 from May’s final read of 58.8. Both marked the highest level for the indexes since April 2010.

U.S. existing home sales, inventory surge in May

  • Existing home sales increased 4.9 percent to an annual rate of 4.89 million units. May’s increase was the largest since August 2011.
  • Economists had forecast sales rising 2.2 percent to a 4.73 million-unit pace last month.
  • The housing recovery stalled in the second half of 2013 as interest rates increased and prices surged against the backdrop of a dwindling supply of properties available for sale.

Oil price risks put inflation back in focus

  • Oil prices neared nine-month highs late last week, touching $115 a barrel.

EUROPE & WORLD

China, Japan manufacturing grows again, euro zone falters

  • China June HSBC flash PMI shows first expansion in six months as orders surge.
  • The HSBC/Markit Flash China Manufacturing Purchasing Managers’ Index rose more than expected to 50.8 in June from May’s final reading of 49.4, beating a Reuters poll forecast of 49.7 and creeping above the 50-point level that separates growth in activity from contraction.
  • The Markit/JMMA flash Japan Manufacturing PMI rose to a seasonally adjusted 51.1 in June from a final reading of 49.9 in May, showing the first growth in three months.
  • Markit’s euro-zone PMI fell to 52.8 from May’s 53.5.
  • Germany, Europe’s largest economy, was again the driving force although its composite PMI eased to 54.2 from 55.6.
  • But the French index slumped to 48.0 from 49.3, its lowest reading since February.

Honda, others recall another 2.9 million vehicles over air bag flaw

  • Monday’s global recalls by Honda, Mazda and Nissan follow Toyota’s recall last week.

Tourists Bring Japan First Surplus since 1970

  • Abe’s administration is aiming to more than triple the number of visitors to about 30 million a year by 2030.

Global infrastructure, capital spending to hit $9 trillion by 2025: study

  • The growth will be driven by China, which overtook the United States as the top spender on capital and infrastructure in 2009, accounting firm PricewaterhouseCoopers.
  • About $78 trillion is expected to be spent on capital projects and infrastructure globally between now and 2025, according to the study.
  • In the United States, capital projects and infrastructure spending is expected to reach $1 trillion annually by 2025, growing an average of 3.5 percent a year, according to the firm.

TODAY in HISTORY

  • Christopher Latham Sholes received a patent for an invention he called a “Type-Writer” (1868).
  • The Senate overrode President Truman’s veto of the Taft-Hartley Act (1947).

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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