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Thursday Morning Business Brief

June 12, 2014, 5:38 AM

Thursday Morning Business Brief
NEW YORK -

The World Bank is lowering its global economic growth forecast from 3.2 percent this year to 2.8 percent. Stocks fell back from record levels yesterday because of that weaker forecast. The S&P 500 fell seven points to 1,943. The Dow Jones industrial average dropped 102 points to 16,843. And the Nasdaq composite slipped six points to 4,331. Futures point to a tepid opening this morning.

  • Asian stock markets fell for a second day today while European shares drifted as a dimmer outlook for global growth this year gave investors a reason to lock in recent gains. Benchmark U.S. crude oil rose past $105 a barrel. The dollar gained against the euro and the yen.
     
  • Investors will have a few government reports to focus on today. The Labor Department will release the weekly jobless claims number. The Commerce Department will report the retail sales data for May and the April's business inventories. Also today, Freddie Mac will report weekly mortgage rates.
     
  • Boeing has inked a deal for five Japanese companies to manufacture key components for its twin aisle 777X jets. The Japanese companies will make about 21 percent of the plane's structural components, including the fuselage sections and landing gear wells. Boeing, Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Fuji Heavy Industries, ShinMaywa Industries and NIPPI Corp. signed the deal Thursday. The 777X is set for delivery in 2020.
     
  • Soon you may not have to fumble or fight for a power outlet to charge your phone at your neighborhood Starbucks. Starbucks and Duracell say they are rolling out Powermat wireless charging devices in stores in San Francisco. The charging spots will expand into other major markets in 2015, and the companies plan to put the devices in all Starbucks and Teavana locations over time.

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