June 11 Premarket Briefing: 10 Things You Should Know
Updated from 6:49 a.m. EDT
Here are 10 things you should know for Wednesday, June 11:
1. -- U.S. stock futures were lower and European stocks fell after the World Bank trimmed its global growth forecast.
The World Bank cut its 2014 growth forecast to 2.8% from 3.2%, citing a bitter American winter and the political crisis in Ukraine.
Asian stocks finished the session mixed.
2. -- The economic calendar in the U.S. on Wednesday includes the Treasury budget at 2 p.m. EDT.
3. -- U.S. stocks on Tuesday closed mixed. While the Dow Jones Industrial Average and Nasdaq turned green in the final minutes of trading, the S&P 500 remained in the red, somewhat deflated from record highs set the day before.
The S&P 500 fell 0.2% to 1,950.79. The Dow tiptoed 0.02% higher to 16,945.92, while the Nasdaq added 0.04% to close at 4,338.
4. -- The European Union Commission's antitrust regulator is investigating deals that Apple
The multinationals have agreements with tax authorities in Ireland, the Netherlands and Luxembourg as part of their strategy to minimize the taxes they pay. The EU antitrust commissioner, Joaquin Almunia, said Wednesday that while such agreements are permissible in theory, they would be improper if they give the companies involved an advantage over competitors.
The companies named have been frequent targets of criticism for paying low taxes in some places they operate.
5. -- Bank of America
The talks stalled on Monday after the bank's latest offer -- more than $12 billion to resolve state and federal investigations into its sale of mortgage investments that later imploded -- fell far short of prosecutors' demands, the Times reported, citing people briefed on the matter. The Justice Department, which had imposed a deadline of Monday evening for the bank to deliver its near-final offer, has sought a settlement worth roughly $17 billion, which would be the largest payout by any bank to date, the Times said.
Bank of America shares fell 1.1% in premarket trading to $15.74.
6. -- Amazon.com
Amazon started refusing pre-orders for the Time Warner movies in mid-May, according to the report.
Amazon's tussle with Warner Bros. is its third standoff with a vendor. Amazon is in an ongoing dispute with Hachette Book Group, a unit of France's Lagardere, over e-book terms.
The stock rose 1.1% in premarket trading to $335.99.
7. -- American International Group