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July 08, 2013 05:30 AM

Monday Morning Business Brief

There's not much economic news expected from the government today. But the Federal Reserve report on May's consumer credit data could have some effect on the stock market. The market ended higher on Friday after the government reported strong hiring in June. The three main U.S. indexes each gained about 1 percent in light volume.

  • Concern over China's slowdown weighed on Asian stocks today while European markets regained their footing after last week's stronger-than-expected U.S. jobs report. The U.S. hiring report on Friday added to the likelihood the Federal Reserve will begin winding down its massive stimulus effort this year.
  • The price of oil extended gains above $103 a barrel after a stronger-than-expected jump in U.S. hiring suggested demand for fuels will increase. Benchmark crude for August delivery was up 18 cents at $103.40 at early Monday afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.
  • Meetings on a trans-Atlantic free-trade deal begin today. European Union officials say the U.S. and the EU have agreed to discuss "data protection and privacy rights" in parallel with the trade talks this week. Some states had voiced concerns the discussions would be delayed over reports of U.S. spying on European institutions and countries.
  • Standard & Poor's has cut Softbank's credit rating to reflect increased financial risks following clearance of its $21.6 billion acquisition of Sprint Nextel Corp. S&P says it cut Softbank's rating to BB+, which is the highest junk grade rating, from BBB.  Softbank shares fell 3.4 percent in Tokyo. The Federal Communications Commission approved the Sprint deal on Friday.
  • Business
  • Economy/Stocks
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