(Reuters/Yannis Behrakis) A trading board showing the last foreign-exchange fixing before Greece joined the eurozone is displayed at the Museum of the Bank of Greece in Athens.
Here is what you need to know.
Twitter's CEO is out. Dick Costolo is stepping down as chief executive officer of Twitter. On his departure, Costolo told Business Insider's Jay Yarow, "There's never going to be a perfect time." Costolo will be replaced on an interim basis by Twitter cofounder and board member Jack Dorsey, who was ousted in 2008. Dorsey was twice asked by Yarow whether he wanted to be named full-time CEO, and he responded: "I'm not focused on that question at all. I'm focused on making sure we continue our momentum and to amplify what we're doing."
Germany is planning for a Greek exit from the euro. The German tabloid Bild reports the German government is making precautionary preparations for a default by Greece after negotiations between Greece and the International Monetary Fund broke down on Thursday. The report suggests Berlin is preparing debt haircuts and capital controls. On Monday, Bank of America Merrill Lynch analyst Athanasios Vamvakidis said: "Greece and its creditors will have to finalize the deal by the end of this week, the Greek parliament will have to approve the deal the following week, and the European parliaments will have to approve it during the last week of June (assuming away problems with the summer recess)." Greece's two-year yield is up 45 basis points at 24.75%.
The PBOC is expected to cut its reserve requirement ratio. China Merchants Bank believes the People's Bank of China could cut its key lending rate as soon as this weekend. Analyst Liu Dongliang thinks the PBOC will lower its reserve requirement ratio by as much as 100 basis points to 17.50%. According to Bloomberg, "That would be the third reduction this year." China's yuan slipped fractionally to 6.2084 per dollar.
Dish is trying to get funding to make a bid for T-Mobile. Dish Network is reportedly in talks with banks to borrow between $10 billion and $15 billion to make a bid for T-Mobile US. People familiar with the matter told The Wall Street Journal that if a deal happened, it would most likely be primarily made up of stock. According to The Journal, "A deal agreement between Dish and T-Mobile isn't imminent, and it is possible there won't be one."
Blackberry might use Google's Android software. Unidentified sources told Reuters, "The move to use Android is part of BlackBerry's strategy to pivot to focus on software and device management." The smartphone maker has struggled to win back market share from Apple and other devices.
The House is set to vote on President Obama's Pacific Rim trade deal. The trade deal would include 40% of the global economy, with a passage in the House putting it on the "fast track" as the Senate has already given its stamp of approval. According to Reuters, "Fast-track authority would let lawmakers set negotiating objectives for trade deals, such as the Trans Pacific Partnership, but restrict them to only a yes-or-no vote on the finished agreement."
Guggenheim's CIO says the talk of a bond bubble is nonsense. Scott Minerd says talk of a bubble in bonds is overblown. "I've been looking for Sasquatch in the bond bubble, or the credit bubble," Minerd said Thursday at a Standard & Poor's conference. "And I haven’t found either one yet." Minerd believes long-term bond yields will hold steady or even fall.
Dominique Strauss-Kahn was acquitted of charges of aggravated pimping. The AP reports, Strauss-Kahn, the former managing director of the IMF, told the court "he participated in 'recreational sessions' while he was busy 'saving the world' from one of its worst financial crises." The judge ruled Strauss-Kahn was a "customer" and not a pimp.
Global stock markets are mixed. Britain's FTSE (-0.4%) paces the decline in Europe after Hong Kong's Hang Seng (+1.4%) led the way in Asia. S&P 500 futures are down 4.75 points at 24.75%.
US economic data flows. PPI is due out at 8:30 a.m. ET, and University of Michigan Consumer Sentiment will cross the wires at 10 a.m. ET. The Baker Hughes rig count will be released at 1 p.m. ET.
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