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(Reuters/Fabrizio Bensch) Balloons made by the "ONE" campaigning organisation depicting leaders of the countries members of the G7 are seen in front of the Frauenkirche cathedral.
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Chinese stocks crashed. China's stock market tumbled into the close, finishing the day down 6.5%. Thursday's drop was not the largest of 2015. On January 19, the Shanghai Composite fell 7.4%, making for its steepest decline since the financial crisis. Even with Thursday's decline, the Shanghai Composite is still up 43% year-to-date. Hong Kong's Hang Seng fell just 2.2%.
Japan's Nikkei is on its longest winning streak since 1988. Thursday marked a 10th straight day of gains for the Japanese stock market. The streak has been supported by the yen slumping to a 12-year low against the US dollar, and it has run the Nikkei to its best level since 2000.
Greece's debt negotiations drag on. Reports out Wednesday suggested a debt deal was near, but the reality is Greece and its creditors remain apart. Eurogroup chief Jeroen Dijsselbloem said the Greek government had "to really put in more effort to make this the final stretch." Greece is hoping to strike a deal by Sunday, but the country's next debt payment isn't due until June 5. That is when the government needs to pay $307 million to the International Monetary Fund. Greece's two-year yield is up 5 basis points at 22.92%.
Avago is buying Broadcom for $37 billion. The deal creates the world's largest diversified communications semiconductor company, and it will be immediately accretive to Avago's non-GAAP earnings per share and free cash flow. Broadcom shares are up 21% on the news.
JPMorgan's Bear Stearns settlement was approved. The banking giant has agreed to pay $500 million to pension funds to settle a lawsuit related to the sale of mortgage-backed securities by Bear Stearns. In its complaint, the group of pension funds alleged: "As a result of the untrue statements and omissions, plaintiffs and the class purchased certificates that were far riskier than represented, not of the 'best quality' and not equivalent to other investments with the same credit ratings." The agreement says JPMorgan Chase is not admitting to fault or wrongdoing.
Costco posted a mixed quarter. The wholesaler earned $1.17 per share, slightly outpacing the $1.16 that Wall Street was anticipating. Revenue edged up 1.2% versus last year to $26.10 billion, shy of the $26.63 billion that analysts were looking for. Comparable sales eased 1% for the quarter.
Record labels want to get paid by Apple in new streaming service. The New York post reports: "Music's top negotiators are looking for anywhere between 60% and 70% of Apple's expected $10 per month subscriber fees." Today the industry takes about 46% of streaming revenues, after taxes, according to a report released by Ernst & Young. Apple Music is scheduled to launch in June.
BuzzFeed is looking to IPO. Speaking at the Code Conference on Wednesday, BuzzFeed CEO Jonah Peretti said: "We're very focused on building out internationally, we're very focused on building out across multiple different platforms, we're very focused on building out our video business." He continued: "That will give us a diversification … to allow us to build a big independent company with much more predictability and things that would allow us to be a public company." The media company has previously hinted about an IPO. In 2014, president Greg Coleman suggested the company could IPO.
Stocks around the world are mixed. France's CAC (-0.5%) leads Europe lower in a mixed session after China's Shanghai Composite (-6.5%) paced the decline overnight in Asia. S&P 500 futures are down 1.75 points at 2,119.25.
US economic data flows. Initial and continuing claims are due out at 8:30 a.m. ET, and pending home sales cross the wires at 10 a.m. ET. The holiday-shortened week means natural-gas inventories and crude-oil inventories will be announced at 10:30 a.m. ET and 11 a.m. ET, respectively. US Treasury will hold a $29 billion seven-year note auction.
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