Updated from 6:05 a.m. EDT
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Here are five things you must know for Wednesday, June 7:
1. -- U.S. stock futures on Wednesday traded flat to slightly higher ahead of testimony on alleged Russian interference from former FBI Director James Comey, while European shares posted gains ahead of elections in the U.K. and Thursday's meeting of the European Central Bank.
Comey will deliver public testimony to the Senate Intelligence Committee on Thursday. Donald Trump fired Comey earlier in May while the FBI was investigating the Trump transition team's ties to Russia. News reports also indicated that Trump had asked Comey for his loyalty and requested he stop investigating former National Security Adviser Michael Flynn.
Stocks in the U.S. have declined the past two days as investors traded cautiously ahead of Comey's appearance.
"Investors are fleeing for safety ahead of [those] three key events later this week," said Lindsey Piegza, chief economist at Stifel Fixed Income. "June 8 is slated to be a very busy day, to say the least."
Stocks in the U.K., which will hold its general election on Thursday, rose 0.18% in early trading Wednesday. Final polls ahead of Thursday's vote showed a firm but narrowing lead for Prime Minister Theresa May's Conservative Party that may be strong enough to deliver an election win but perhaps not decisive enough for her to remain its leader.
The ECB also meets Thursday and it's expected that President Mario Draghi will unveil fresh growth and inflation forecasts for 2017 and 2018.
In the U.S. on Wednesday the economic calendar includes Oil Inventories for the week ended June 2, at 10:30 a.m. EDT and Consumer Credit for April at 3 p.m.
Speaking at Tesla's annual shareholder meeting in San Jose on Tuesday, Musk vowed not to repeat the problems encountered by the Model X SUV when it was introduced in 2015, the Los Angeles Times reported. Available in multiple configurations from the start, it was riddled with manufacturing and quality problems.
Tesla has said it plans to churn out 5,000 Model 3 cars per week before the end of the year, and 10,000 per week in 2018.
Pacific Crest analyst Brad Erickson said in a note on Tuesday that sales expectations for the Model 3 are too low given likely high consumer interest. "If the car is perceived as awesome, already low second half 2017 buy-side expectations will actually fall. Under this scenario, we believe downside risk from significant production shortfall would likely be minimal."\
Tesla shares fell 0.6% in premarket trading on Wednesday.
3. -- Apple(AAPL) - Get Report customers will soon have more choices as the tech giant looks to reduce long wait times for iPhone repairs at its retail stores, according to a report from Reuters.
By the end of 2017, Apple will put its proprietary machines for mending cracked iPhone glass in about 400 authorized third-party repair centers in 25 countries, executives told Reuters.
Among the first recipients is Best Buy(BBY) - Get Report , which has long been a seller of Apple products, Reuters reported. The electronics retailer already has one of the screen-repair machines at a Miami-area store and one coming soon to an outlet in Sunnyvale, Calif, Reuters said.
The stock gained slightly in premarket trading.
The company announced in February that it was commissioning a pair of investigations into allegations of discrimination and sexual harassment made by Susan Fowler, a former engineer at the company. Law firm Perkins Coie LLP presented the results of its investigation to Uber employees on Tuesday.
Uber didn't say which employees were let go, but reports said those fired included senior executives and lower-level workers.
Uber also announced Tuesday it hired Apple marketing executive Bozoma Saint John, who will serve as Uber's chief brand officer. She ran global consumer marketing of Apple Music and iTunes.
The European Central Bank said Wednesday it adopted a so-called "resolution decision" on Banco Popular and ordered the transfer of all of its shares and capital to Banco Santander.
"Due to its recent stressed liquidity situation, the ECB had decided that Banco Popular was "failing or likely to fail," the ECB said in a statement.
The combination of the two lenders will create the biggest bank in Spain and Portugal, with about 21 million combined customers.
Santander said it would raise around €7 billion ($7.88 billion) in new capital as part of the rescue process "which will cover the capital and the provisions required to reinforce the balance sheet of Banco Popular."
Banco Popular shares have fallen 63% over the past month amid concerns the lender, which has been struggling under the weight of billions of euros in non-performing loans, would need to raise capital or seek a government rescue.
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