Hello friends and Fortune readers.
Wall Street stock futures are lower again this morning, with markets finally taking on board the risks of a Greek default and/or exit from the Eurozone. The dollar is little changed, while crude oil futures are holding just above $60 a barrel.
Today’s must-read story is by Fortune’s Chris Matthews, who reveals that wealth concentration is growing as millionaires take over an even bigger chunk of the world’s wealth.
Here’s what else you need to know today.
1. The Fed meets.
The Federal Open Market Committee kicks of its two-day meeting today as it contemplates the future course of U.S. interest rates. The central bank is unlikely to raise rates at this meeting, though earlier this year many investors anticipated a mid-year rate rise. Policymakers’ primary concern is that the U.S. economy still is not growing as robustly as they would like by this point in the recovery. Investors will be looking from any hint from Federal Reserve chair Janet Yellen about the timing of a future interest rate change.
2. Boeing rakes in orders at the Paris Airshow
The Seattle-based giant has announced a huge 100-plane order for its new 737 MAX 8 airliners from leasing company AerCap, worth $10.7 billion at list prices (there’s no word on discounts for bulk-buying). It also signed a deal for another 10 737 MAX 8s with SMBC, another aircraft leasing group.
3. Coty is set to buy CoverGirl and Max Factor from P&G
The group that owns Calvin Klein and Cerrutti fragrances is beefing up its portfolio of beauty products, according to the New York Post. It may even buy P&G’s unwanted hair-care products business, Wella. The three brands together are bigger, in value terms, than Coty itself, posing some interesting challenges on how to structure the deal.
4. Adobe reports earnings.
The maker of Photoshop and InDesign software is likely to report second-quarter profits that beats analysts’ estimates. Adobe Systems (ADBE) has been moving away from traditional box licenses to web-based subscriptions. The membership plans allow users access to its Creative Cloud software bundle at various levels, helping to attract a wider user-base and bring in more predictable recurring revenue.
5. New home construction is likely slowing.
The Commerce Department is expected to report that groundbreaking on new homes fell to 1.1 million in May, a slight decrease from April when 1.135 million units were started. April housing starts hit the highest level in more than seven years. Applications for permits are also likely depressed for the month. The slowing growth in new homes comes even as rising demand for home purchases outpaces inventory. The shortage in available homes has pushed prices up.
Additional reporting contributed by Reuters.