NEW YORK ( TheStreet) -- With the deadline of a $300 million euro debt repayment looming on Friday, discussions between Greece and the International Monetary Fund have heated up as they try to find some common ground to make a deal. Skepticism abounds, though, and shares were trading lower in Europe this morning.
Also overseas, proof that the European Central Bank's (ECB) stimulus activities are bearing fruit was seen as euro-area consumer prices showed an increase in May -- the first time in six months. The euro gained some ground vs. the dollar this morning. Worldwide stimulus packages and actions continue to be deployed, with the latest being from The Reserve Bank of India, which made its third rate cut this year, lowering its key repo rate by 25 basis points to 7.25%.
In a positive economic read, Ford (F) announced that it will shorten its planned summer shutdown this summer vs. their typical two week shutdown at 16 manufacturing plants as demand for light-trucks and SUVs, including the F-150 and the Edge and Explorer models are driving healthy demand. This marks the third consecutive year that demand was robust enough for Ford to institute the change.
Some earnings reports of note today include Conn's (CONN), Dollar General (DG), G-III Apparel (GIII), Medtronic (MDT), Cracker Barrel (CBRL), Ascena Retail (ASNA), Guidewire Software (GWRE), and Guess? (GES).
Today's economic calendar includes the May New York ISM report at 9:45 a.m., with estimates set at 58. At 10 a.m. we are set to receive the April Factory Orders, with consensus at -0.1%.
- The monitors of Greece's bailout hold a crisis summit to come up with a final proposal to submit to the Greek government, in a sign that the country's creditors have had enough of the protracted talks, according to various media reports. Meanwhile the Greek labor minister said Greece can make no more concessions and that international lenders must take responsibility for a deal.
- Apple (AAPL) is getting ready to launch a music streaming service that would rival Spotify, according to a report in the Wall Street Journal. Apple, which is a holding of the charity portfolio Action Alerts Plus, co-managed by Jim Cramer, could announce the service at a developers' conference next week.
- Chinese home sales jumped by 37.4% in major cities in May from the same month a year ago, boosted by stimulus measures and efforts by developers to clear inventories. Home sales in May rose 14.7 percent from April's level, accelerating from the 11.4 percent increase between April and March. But home prices in May were 1.61% lower compared to a year ago - still an improvement from April, when they were 1.69% lower.
- Europe's biggest bank HSBC (HSBC) is preparing to announce between 10,000 and 20,000 job cuts around the world and a cut of its operations in Brazil and Turkey, according to a report by Sky News quoted by Reuters. In a separate development, the bank was ordered to face three U.S. lawsuits accusing it of breaching its duties as a trustee overseeing residential mortgage-backed securities that suffered more than $34 billion worth of losses in the global financial crisis.
- The Securities and Exchange Commission (SEC) has fined Bank of America's (BAC) Merrill Lynch unit $11 million for failing to keep proper records of securities available to borrow for short selling.