30Jun2016 Market Close: US Markets Close Higher, DOW Up Triple Digits, SP 500 Can’t Make The 2100 Level, Indicators Remain Bullish

Wall Street rallies for third straight day

NEW YORK (Reuters) – Wall Street rolled to a third straight day of gains on Thursday as Britain’s central bank raised the prospect of stimulus and consumer staples shares gained on news of Mondelez International’s $23 billion bid for Hershey.

Hershey rejects $23 billion Mondelez takeover offer

(Reuters) – Hershey Co said on Thursday it had rejected a $23 billion preliminary offer by Mondelez International Inc that would seek to expand the latter’s limited U.S. footprint and create the world’s largest confectioner.

U.S. data offers hope for manufacturing; jobs market steady

WASHINGTON (Reuters) – Factory activity in the U.S. Midwest surged to its highest in almost 1-1/2 years in June amid strong gains in new orders and production, offering a ray of hope for the downtrodden manufacturing sector.

Volkswagen believes it can fix 85,000 polluting U.S. vehicles

SAN FRANCISCO/WASHINGTON (Reuters) – A lawyer for Volkswagen AG said at a court hearing Thursday the German automaker believed it could fix 85,000 polluting 3.0-liter VW, Audi and Porsche diesel cars and SUVs, a move that could help the company avoid a second pricey buyback.

S&P cuts rating on EU to ‘AA’ after Brexit

(Reuters) – Standard & Poor’s Global Ratings said on Thursday it had cut its long-term credit rating on the European Union to ‘AA’ from ‘AA+’ but raised its outlook to “stable” from “negative” after the United Kingdom voted to leave the bloc.

Google’s Schmidt says Brexit vote unlikely to shift investment

PARIS (Reuters) – Google boss Eric Schmidt said on Thursday that Britain’s referendum vote to leave the European Union was unlikely to lead to a shift in the U.S. tech giant’s business activities.

Commerzbank to cut over 100 jobs in New York

FRANKFURT (Reuters) – German bank Commerzbank is to cut more than 100 jobs in its New York office as it streamlines certain operations in order to focus more on investment banking, an executive said.

U.S. calls for urgent repairs of 300,000 recalled Honda vehicles

WASHINGTON (Reuters) – U.S. auto safety regulators warned on Thursday that Takata air bag inflators on more than 300,000 unrepaired recalled Honda vehicles show a substantial risk of rupturing, and urged owners to stop driving the “unsafe” cars until they have been fixed.

Bank of England’s Carney sees need for summer stimulus after Brexit shock

LONDON (Reuters) – Bank of England Governor Mark Carney said the central bank would probably need to pump more stimulus into Britain’s economy over the summer after the shock of last week’s decision by voters to leave the European Union.

Italy Granted “Extraordinary ” 150BN Bank Bailout Program To Prevent “Panic, Run On Deposits”

As we noted today, the rumors of an Italian bank bailout, which started on Monday morning, and were promptly shot down by Merkel the next day, got louder today after a Reuters report that the government is considering more creative ways to inject liquidity into Italy’s banks. However that was just an appetizer to a main course, which came later today when as the WSJ reported citing a spokeswoman for the European Union’s executive arm that the “European Commission has authorized Italy to use government guarantees to create a precautionary liquidity support program for their banks.”

How did this happen so quietly under the table and without Merkel’s blessing? WSJ says that the program was approved under the bloc’s “extraordinary crisis rules for state aid.”

And here we thought that Italy’s banks are actually doing so very well. Oh wait, no we didn’t.

As the WSJ notes, the proposed “crisis” plan is the “other leg of an intervention plan considered by the government” namely, the direct capital injection into Italian banks that would add up to 40 billion in capital to the banking sector”, the one we profiled previously. It is also the plan that Merkel supposedly shut down before it got off the ground. However, Europe had a Plan B up its sleeve.

Brexit, the Pound and Stock Prices: A Volatile Mix

Sterling is the swing factor for investors. It may yet fall further to help the U.K. economy to adjust.

Lions Gate’s Latest Deal May Be Starz-Crossed

Lions Gate’s deal for Starz comes with financial benefits, but it may not solve either company’s strategic challenges.

Why Old Friend Must Lead UniCredit Down Hard Road

Italy’s biggest lender has bought back its former investment bank chief to become CEO, he now needs to act like a ruthless outsider.

The Wall Street Journal: ChristianMingle opens doors to gay singles

ChristianMingle’s parent Spark Networks has been mandated by a court to open its doors to gay singles.

Medill News Service: Obama’s top trade negotiator pushes Pacific Rim deal that Trump calls a ‘rape’

The lead negotiator for President Obama has intensified efforts to persuade a skeptical Congress to pass a divisive free-trade agreement with Pacific Rim countries, a deal that Donald Trump this week called “a continuing rape of our country.”

Bond Report: Treasury yields post second straight quarterly decline

Treasury prices rose for a second quarter in a row, pushing yields to the lowest levels in years as geopolitical events and concerns over sluggish global economy pushed investors into safe assets such as government bonds