18-Jun-2010

bank FW: 10 Second Headlines – June 18, 2010

10 Second Headlines of the Week – June 18, 2010

British Budget

+ The focus next week will be on the UK budget and the deepest cuts in a generation

+ The UK budget deficit will narrow from 155 billion pounds this year to 71 billion pounds by April 2015

+ GDP is revised down to 2.6% next year vs. 3.25%

Agriculture

+ Canadian Wheat Board reported heavy rainfall negatively affecting wheat and barley production, Plantings are down 18% from a year ago and acreage planted for durum wheat down 40%

Global Notes

+ The Agriculture Bank of China raising over $23 billion, world’s largest IPO

+ US Geological Society speculates over $1 trillion of untapped mineral deposits in Afghanistan including iron, copper, cobalt, gold, and lithium

+ Europe Union will stress-test their banks with respect to the economic slowdown and sovereign debt issues; the results will be made public

Father’s Day

+ Spending for Father’s Day will average $94.50 this year vs. $90 in 2009, making it the fourth largest gift-giving day

+ Top gifts, in order: restaurants, clothing, electronics, and cards