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Wall Street stock futures are lower Wednesday amid concerns about Greece. A Greek official has reportedly said that the country’s international lenders have rejected the latest proposals on talks to gain aid and avoid a default.
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Here’s what else you need to know today.
1. Greece talks
Greek Prime Minister Alexis Tsipras has attacked the stance of “certain” creditors as “strange” because they rejected proposals presented by Athens to bridge a budget gap, a government official said on Wednesday. Tsipras made the comments before heading to Brussels to meet the chiefs of Greece’s three creditor institutions — the European Commission, the European Central Bank and the International Monetary Fund, the official said in a statement.
2. U.S. first-quarter GDP finalized.
The U.S. Commerce Department releases its final revision to first-quarter gross domestic product at 8:30 a.m. ET. Last month, the government slashed its estimate, revealing the economy shrank by a disappointing 0.7% from its original quote of 0.2% growth. The agency cited dismal trade performance and continued caution by consumers and businesses for the lagging results. Today’s announcement is likely to temper that adjustment, showing that the U.S. economy shrank about 0.2% in the first quarter. The department will also release revised data for first quarter corporate profits.
3. Monsanto reports back.
Monsanto (MON) reports its third-quarter earnings today, and investors will be tuning in to find out more about the company’s attempt to purchase rival Syngenta. They will be prodding for more information on how Monsanto plans to woo shareholders at the Switzerland-based company, which has so far rebuffed any offers. As of Tuesday, Syngenta rejected Monsanto’s nearly $45 billion takeover bid, saying the sum undervalues its business and doesn’t account for the regulatory challenges such a deal would pose.
4. Now presenting the all-new Alfa Romeo.
Fiat Chrysler CEO Sergio Marchionne will unveil the first new Alfa Romeo model today in Milan. The company has been trying to revamp the brand as a central pillar of its plan to revive global vehicle sales by 60% to 7 million cars by 2018. Fiat Chrysler will be depending on the classic brand, which has been around since 1910, to multiply its sales by more than fivefold to 400,000 vehicles in 2018. It’s making that happen with a 5 billion-euro investment to create eight new models and increase production.
5. A golden merger.
Canadian gold miners Alamos Gold and AuRico Gold meet today for a special shareholders meeting where investors for both companies will vote on a $1.5 billion merger plan, which was originally unveiled in April. The deal was labeled “a merger of equals” by the company and the combined company is expected to produce as much as 425 kilo-ounces of gold in Mexico and Canada alone this year.
Additional reporting contributed by Reuters.
