Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Thursday, June 13:

1. -- U.S. stock futures were pointing to a lower open for Wall Street on Thursday following deep losses in Asia as the yen surged and as European markets fell on worries over monetary policy in the U.S., the world's largest economy.


2. -- The economic calendar in the U.S. Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, retail sales for May at 8:30 a.m., export and import prices for May at 8:30 a.m., and business inventories for April at 10 a.m.


3. -- U.S. stocks on Wednesday sank as uncertainty over the direction of global stimulus programs put a brake on sentiment that the U.S. recovery may be strengthening.

The S&P 500 fell 0.84% to close at 1,612.52. The index posted its third-consecutive daily decline. The Dow Jones Industrial Average also lost 0.84% and slipped below 15,000 at 14,995.23, while the technology-heavy Nasdaq declined 1.06% to 3,400.43.


4. -- Japan's Nikkei 225 index declined more than 6% on Thursday, falling into bear market territory.

The index fell 6.4% to close at 12,445.38, on worries over a surging yen and concerns about the Federal Reserve's monetary policy.


5. -- The World Bank on Thursday forecast global growth in 2013 of 2.2%, down from its outlook in January of 2.4% growth.

In cutting its forecast, the World Bank cited a deeper-than-expected recession in Europe and slowdowns in China and India.


6. -- Safeway ( SWY) said Wednesday it plans to sell its Canadian supermarket operations to Sobeys, the No. 2 grocery store operator in Canada, for $5.7 billion.

Safeway will have about 1,400 stores in the U.S. after the deal.


7. -- IBM ( IBM) began cutting U.S. jobs Wednesday as part of a global restructuring plan announced in April, a person familiar with the move told Bloomberg.

The job cuts target employees with a range of seniority, from rank-and-file staff to executives, the person told Bloomberg. The restructuring will cost $1 billion worldwide, including severance expenses.


8. -- Royal Bank of Scotland ( RBS) said Wednesday that Stephen Hester will step down as CEO later this year.

The bank is 81%-owned by the U.K. government following a bailout in 2008.

Hester was pressured to resign by the bank's board, which wants a new leader in place as RBS prepares to return to the private sector.


9. -- U.K. lawmakers accused Google ( GOOG) of dodging its taxes in a report on Thursday, saying the search giant took on highly contrived arrangements serving no purpose other than to avoid paying its fair share.

Google said it was honoring the law and complies with U.K. tax rules.


10. -- Coty's initial public offering was priced at $17.50 a share on Wednesday, within the expected range.

Shares of the fragrance and cosmetics company will begin trading Thursday on the New York Stock Exchange under symbol "COTY."


-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

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