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Jun 25, 2015

Incrementum's 'In Gold We Trust' report for 2015 -- valuation anomalies galore: GATA | THE GATA DISPATCH - June 25, 2015.

Incrementum's 'In Gold We Trust' report for 2015 -- valuation anomalies galore

Submitted by cpowell on Thursday, June 25, 2015

Liechtenstein-based asset management firm Incrementum partners Ronald-Peter Stoeferle and Mark J. Valek today published the firm's annual "In Gold We Trust" report, a magisterial review of gold's standing in the financial markets.
The report identifies many anomalies suggesting that gold now may be more undervalued since King Croesus of ancient Lydia recognized its potential as money and minted the first gold coins, or at least since GATA Chairman Bill Murphy, toward the end of the long night of the organization's founding in 1998, mistakenly put a Louis d'or into a vending machine in pursuit of a Dr. Pepper.
These anomalies are why Incrementum remains bullish on gold. But while the report includes a chapter on "financial repression" -- central bank intervention to defeat markets and expropriate investors -- it seems not to mention the biggest mechanism of repression, gold price suppression, which, documented extensively by GATA here --
http://gata.org/node/14839
-- largely explains the anomalies cited in the report and must temper bullishness about gold.
Despite that omission, the report should get people wondering about those anomalies, and so it's posted in PDF format at GATA's Internet site here:
http://www.gata.org/files/InGoldWeTrust2015.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

DealBook P.M. Edition - June 25, 2015: Top Story: I.P.O. to Give Operator of Match.com and Tinder Its Own Stock.


Thursday, June 25, 2015
TOP STORY
IAC/InterActiveCorp plans to spin off a variety of popular dating websites and applications.
I.P.O. to Give Operator of Match.com and Tinder Its Own Stock The media conglomerate IAC/InterActiveCorp said it was planning an initial public offering for its online dating business, which includes OkCupid.

Export-Import Bank of the U.S - Press Release - June 25, 2015: : EXIM Chairman Hochberg Addresses Foreign Policy’s Competiveness Forum

 

EXIM Chairman Hochberg Addresses Foreign Policy’s Competiveness Forum

Washington, D.C. – Fred P. Hochberg, chairman and president of the Export-Import Bank (EXIM Bank), addressed Foreign Policy’s Competiveness Forum in Washington D.C. today on the subject of global competition.
Below are his comments as prepared.
Good afternoon, and thank you all for staying to the very end.  I want to thank David and the Foreign Policy team for putting this together.  David and I first discussed this event several months ago.  We talked about how central competitiveness is to our economy, our security, and to America’s standing in the world.

SEC Press Release - June 25, 2015: John Roeser Named Associate Director of the Office of Market Supervision


John Roeser Named Associate Director of the Office of Market Supervision

FOR IMMEDIATE RELEASE
2015-130
Washington D.C., June 25, 2015 — 
  The Securities and Exchange Commission today announced that it has named John C. Roeser as Associate Director and deputy head of the Office of Market Supervision in its Division of Trading and Markets.  Mr. Roeser will assume his new role immediately.
Mr. Roeser replaces Heather Seidel who was named in February as Chief Counsel for the Division of Trading and Markets.  The division’s Office of Market Supervision oversees U.S. securities exchanges, alternative trading systems and self-regulatory organizations, and addresses issues involving market participants, products, and market structure.
“John brings outstanding initiative and experience that makes him perfectly suited for his new position,” said Stephen Luparello, Director of the Division of Trading and Markets. “His breadth of experience and knowledge will well serve investors and the agency.”
Mr. Roeser has been an Assistant Director in the Office of Market Supervision since 2005 and played a key role in market structure and other regulatory initiatives.  He began his SEC career in 1998 as a staff attorney in the office and was later promoted to special counsel and senior special counsel.  During his tenure, Mr. Roeser has received numerous SEC awards, including the SEC’s Jay Manning Award in 2008, which is given annually to an employee in the Division of Trading and Markets who demonstrates an outstanding commitment to excellence in preserving fair and honest markets.
“I am honored to take on this new role.  I have deep respect for my talented and dedicated colleagues in the office and throughout the Commission who are carrying out tremendous responsibilities on behalf of our markets and investors, and I look forward to continuing to work with them to help advance the agency’s mission.” said Mr. Roeser.
Mr. Roeser holds a bachelor’s degree from Michigan State University and graduated cum laude from Michigan State University College of Law.  He received a master of laws in securities and financial regulation from Georgetown University Law Center in 1998.

Federal Reserve Bank of New York Agency MBS Transaction Summary - June 25, 2015.

 
Agency MBS Transaction Summary
Gross purchases from June 18 through June 24: $8,418 million
Sales (dollar rolls) from June 18 through June 24: $0 million
Net purchases from June 18 through June 24: $8,418 million

All amounts reflect current face
Purchases summarize all trades executed during the indicated period including purchases associated with dollar rolls.*

Wall Street at Close Report on June 25, 2015: U.S. stocks end choppy session lower.

marketwatch.com

U.S. stocks end choppy session lower

Anora Mahmudova

Bloomberg
Jerome Powell, governor of the U.S. Federal Reserve, this week said two rate hikes may be in store this year.
U.S. stocks ended Thursday’s choppy session lower as losses among energy and industrials companies weighed on broader indexes.
James M. Meyer, chief investment officer at Tower Bridge Advisors, said that weakness in transportation stocks is weighing on markets.
The Dow Transportation index DJT, -0.85%  dropped 0.9% to 8,239.58, and is down more than 10% from its peak reached on November 28. The transport index is watched by investors because it is often viewed as a barometer of the health of the overall economy.
Main indexes closed lower for the second straight session. The S&P 500 SPX, -0.30%  fell 6.27 points, or 0.3%, to 2,102.31, with eight of its 10 main sectors finishing lower.
The Dow Jones Industrial Average DJIA, -0.42% fell 75.37 points, or 0.4%, to 17,890.360, while the Nasdaq Composite COMP, -0.20%  ended the day down 10.22 points, or 0.2% at 5,112.19.
“The S&P 500 has been rangebound and failed to break out to new highs so far. But we are probably not going to see much movement either way until next week when we get jobs numbers,” Meyer said.
In early trade, stocks were higher following upbeat economic data, including a report that showed that consumer spending leapt in May, marking the biggest gain in six years, while jobless claims remained at 15-year lows.
But optimism fostered by the solid U.S. economic reports Thursday faded later in the day. Economic releases over the past several weeks have improved from disappointing readings during the first quarter, but that also increased chances that the Federal Reserve would start normalizing rates sooner.
Phil Orlando, chief equity strategist and portfolio manager at Federated Investors, said economic data were getting progressively better.
“Consumer spending numbers were surprisingly good. We think consumers are using buildup dry powder from lower gasoline prices. While inflation number are still weaker than the Fed would like, they are still going to raise interest rates in September,” Orlando said.
“Jobless claims number suggest another solid month of job gains and we expect about 215,000 news jobs in June,” Orlando said.
Meanwhile, investors monitored developments in Greece, where Greece and its international creditors again failed to reach an agreement at a Thursday morning meeting.


“It was never going to be easy. When the euphoria of the new proposal for Greece swept the markets higher on Monday it all seemed too good to be true,” said Richard Perry, market analyst at Hantec Markets, in a note. “And so it is proving now as the political bickering continues and there is still a lack of tangible progress.”
Read: Greek deal in doubt as key meeting is cut short
IMF: Greece would immediately be in arrears if it misses June 30 payment
Data: The number of people who applied for U.S. unemployment benefits edged up by 3,000 to 271,000 in the seven days from June 14 to June 20, but layoffs remain quite low amid a steady increase in hiring and a tightening labor market.
Consumer spending surged 0.9% in May to mark the biggest gain in six years, as consumers splurged on new autos but also spent more to fill up their gas tanks. Spending for April and March were also raised a bit, according to revised figures from the Commerce Department.
Hospital stocks got a boost after the Supreme Court upheld Obamacare subsidies. Tenet Healthcare Corp THC, +12.24% surged 12%, HCA Holdings, Inc HCA, +8.82% jumped 8.8%. Health insurers also rallied.
Winnebago Industries Inc. WGO, +9.03%  shares jumped 9% after it posted a bigger than expected profit, citing higher revenue in the sale of motor homes.
Accenture ACN, +1.75%  shares rose 1.8% after the business consulting firm reported fiscal third-quarter earnings that beat analyst expectations.
For more on today’s notable movers read Movers & Shakers column.
Other markets: European equities closed lower. Asian stocks markets dropped, leaving the Shanghai Composite SHCOMP, -3.26%  down more than 3% and Japan’s Nikkei Average NIK, -0.48%  down 0.5%. Oil futures CLQ5, -0.07%  fell 1% to $59.70 a barrel while gold futures GCQ5, +0.16% settled 0.1% lower at $1,171.80.

Carla Mozee and Sara Sjolin contributed to this article.

Bits | The Business of Technology - June 25, 2015: Bits Daily Update: Google's New Data Center in Old Coal-Fired Power Plant


Daily Report
Google's New Data Center in Old Coal-Fired Power Plant | Google is on a building binge. The search giant announced Wednesday that it was opening a 14th data center, Quentin Hardy reports. This one is in Alabama, inside a former coal-fired power plant. Google has also cut a deal with the Tennessee Valley Authority, the region's electric power operator to scout for new renewable power projects and put them online.

FRB Enforcement Actions and Termination Enforcement Actions on June 25, 2015.

 
http://www.federalreserve.gov

Release Date: June 25, 2015

For release at 11:00 a.m. EDT

The Federal Reserve Board on Thursday announced the execution of the following enforcement action: 

Fayette County Bank (PDF), St. Elmo, Illinois
Written Agreement dated June 22, 2015
The Federal Reserve Board also announced the termination of the enforcement action listed below:
Fayette County Bank, St. Elmo, Illinois
Prompt Corrective Action Directive dated October 2, 2014
Terminated June 22, 2015
Search of Federal Reserve enforcement actions.
For media inquiries, call 202-452-2955.
 
Last update: June 25, 2015

FTC Consumers Updates - June 25, 2015: Strings attached to some “risk-free” trial offers

Federal Trade Commission Consumer Information
by Aditi Jhaveri
Consumer Education Specialist, FTC


Spot a good deal on a skin care product online? Some ads say you can try a product out for free before committing to it. But know this: “free” trials aren’t always free — they might come with hidden fees and other strings attached.
Free trials video
Read more >

European Markets at Close Report - June 25, 2015: Europe closes mixed, with Greece top of agenda

cnbc.com

Europe closes mixed, with Greece top of agenda

Holly Ellyatt, Katy Barnato, Alexandra Gibbs
European equities closed mixed on Thursday after wobbling in earlier trade, as hopes for a deal between Greece and its creditors showed signs of fading.
The pan-European Stoxx 600 index closed around 0.2 percent down, reversing small gains made around midday.

U.S. equities traded slightly higher on Thursday as investors eyed ongoing negotiations between Greece and its creditors.

Talks between Athens and Greece's international bailout supervisors are yet to yield results, raising the risk of a Greek debt default and potential exit from the euro. Greece has a 1.6 billion euro ($1.8 billion) debt due to the International Monetary Fund on June 30 that it's unlikely to meet if no deal is reached.
The Eurogroup meeting of euro zone finance ministers ended without any agreement on Greece on Wednesday, after the country's latest reform proposals were rejected. Now all eyes are on a two-day European Union (EU) summit, starting on Thursday, at which talks will continue.
Read MoreLive blog: Greece nears default as Europe leaders meet

In individual stock news, Vivendi rose near the top of the French CAC 40 index, after the company's chief executive, Arnaud de Puyfontaine, said he would not rule out increasing the company's stake in Telecom Italia further, in an interview with Italian newspaper Corriere della Sera. Vivendi is already the largest investor in the Italian telecoms firm.
U.K. equities underperformed, with the benchmark FTSE 100 index trading down around 0.5 percent. Shares of Tesco traded up to 0.9 percent higher after a Korean newspaper reported that there were up to eight bidders for the retailer's South Korean unit.

H&M shares traded more than 2.9 percent lower after the retailer posted second-quarter pretax profit roughly in line with expectations of analysts polled by Reuters.
Europe's migration crisis is also expected to be discussed at the EU summit, with countries at odds over how to tackle the increasing number of migrants coming to the continent, many from conflict-torn countries in Africa and the Middle East.

U.K. Prime Minister David Cameron is also expected to use the summit to promote his plans to renegotiate Britain's relationship with the EU.

FRB Speeches - June 25, 2015: Speech by Governor Powell on building a safer payment system

http://www.federalreserve.gov


Governor Jerome H. Powell

At the Federal Reserve Bank of Kansas City Conference, "The Puzzle of Payments Security: Fitting the Pieces Together to Protect the Retail Payments System", Kansas City, Missouri

June 25, 2015

Building a Safer Payment System

Thank you for the opportunity to speak to you today. I especially want to thank Federal Reserve Bank of Kansas City President Esther George for her leadership in the initiative that has brought us all together here today to discuss improvements to the U.S. payments system. We have a diverse group of professionals participating in this conference, from industry, academia, and government. It takes all of us, working together, to maintain and enhance a safe and secure payment system.
The payment system touches our daily lives, whether it's a consumer paying a bill, a company deciding to upgrade its point-of-sale terminals, a technology startup developing a new peer-to-peer payment app, or the government issuing tax refunds. Americans make more than 120 billion noncash payments each year.1 But it's only when something goes wrong, like a data breach at a major retailer or bank, that the typical end user takes notice of the payments process.

China plans to launch yuan gold fix by end of this year: GATA | THE GATA DISPATCH - June 25, 2015.

China plans to launch yuan gold fix by end of this year

Submitted by cpowell on Thursday, June 25, 2015By A. Ananthalakshmi
Reuters
Thursday, June 25, 2015

SHANGHAI -- China plans to launch a yuan-denominated gold fix by the end of 2015 via the Shanghai Gold Exchange in a move aimed at giving the world's biggest bullion producer and consumer more influence over pricing.
The first public confirmation made by an exchange official comes after Reuters cited sources in February on the proposal for the fix to be set through trading on the SGE, the world's biggest physical bullion exchange.
"We will be introducing a renminbi-denominated fix at the right moment. We are hoping to introduce it by the end of the year," Shen Gang, SGE's vice president, said at the LBMA Bullion Market Forum in Shanghai on Thursday. ...

... For the remainder of the report:
http://finance.yahoo.com/news/china-plans-launch-yuan-gold-095318339.htm...

LBMA to start reporting OTC gold trade soon; exchange model seen costly: GATA | THE GATA DISPATCH - June 25, 2015.

LBMA to start reporting OTC gold trade soon; exchange model seen costly

Submitted by cpowell on  Thursday, June 25, 2015By A. Ananthalakshmi
Reuters
Thursday, June 25, 2015
SHANGHAI -- The London Bullion Market Association could soon take steps to report trades of the over-the-counter gold market, but the prospect of higher costs makes an exchange-traded model unattractive to participants for now, its chief executive said.
The LBMA had commissioned consultancy EY, formerly known as Ernst & Young, to review the London gold market and recommend further developments including the possibility of creating an exchange for gold trading in the city.
More than $5 trillion worth of gold transactions are made over the counter in London every year. The OTC market, where trades are executed via dealer networks as opposed to a centralized exchange, exceeds the trading of gold futures.
"Our next step following the EY recommendations, certainly trade reporting is going to be a big first one," CEO Ruth Crowell said, ahead of the LBMA Bullion Market Forum to be held here today.
Currently no data is available for the bilateral OTC trades, leading to complaints of lack of transparency in the market. ...
... For the remainder of the report:
http://www.reuters.com/article/2015/06/25/us-china-goldconference-lbma-i...

U.S. Stcck Market Future Indications Update - June 25, 2015: U.S. Stcck Market Future Indications Update

marketwatch.com

U.S. stock futures pare gains after economic reports

Anora Mahmudova

Bloomberg
Jerome Powell, governor of the U.S. Federal Reserve, this week said two rate hikes may be in store this year.
U.S. stock-index futures trimmed gains Thursday as investors assessed better-than-expected economic data including jobless claims and consumer spending.
Continued improvement in the labor market along with increasing consumer spending offers more support for the Federal Reserve to raise interest rates sometime this year.
Meanwhile, investors monitoring developments in Greece, where the Hellenic Republic and its creditors again failed to reach an agreement at a Thursday morning meeting.
Futures for the Dow Jones Industrial Average YMU5, +0.30%  were up 64 points, or 0.4%, to 17,949, and those for the S&P 500 SPU5, +0.32%  picked up 7 points, or 0.2%, at 2,106. Nasdaq futures NQU5, +0.35%  were up 18.25 points, or 0.4%, to 4,533.
Stocks look ready to rebound after finishing lower on Wednesday, when the market was knocked back as it appeared Greek and European officials were still at an impasse over the economic reform proposal Athens submitted earlier this week. The Dow Jones Industrial Average DJIA, -0.98%  slid 1%, marking its worst drop in a month. The S&P 500 index SPX, -0.74% lost 0.7% and the Nasdaq Composite COMP, -0.73%  fell 0.7%, pulling away from all-time highs hit Tuesday.
“It was never going to be easy. When the euphoria of the new proposal for Greece swept the markets higher on Monday it all seemed too good to be true,” said Richard Perry, market analyst at Hantec Markets, in a note. “And so it is proving now as the political bickering continues and there is still a lack of tangible progress.”
Greece’s Prime Minister Alexis Tsipras on Thursday met with heads of the International Monetary Fund, the European Commission and the European Central Bank, which oversee Greece’s bailout, to agree on a reform plan to present to the Eurogroup later in the day. However, the two sides failed to reach a comprise and media reports said each would present separate packages to the Eurogroup meeting in the afternoon in Brussels. Read: Greece’s leaders set deadline, threaten ‘take it or leave it’ choice
Conflicting reports earlier in the day indicated Greece and the three institutions had agreed on a plan for policy reforms, which sent both European markets and U.S. stock futures higher. They have since pared those gains after it became clear Greece had not accepted the terms of a new agreement.
Greece needs a deal before it can access fresh funding, with the country facing a €1.54 billion ($1.72 billion) debt payment due to the IMF at the end the month.
Read: Greece crisis: Who’s meeting and when on Thursday
Data and Fed talk: The number of people who applied for U.S. unemployment benefits edged up by 3,000 to 271,000 in the seven days from June 14 to June 20, but layoffs remain quite low amid a steady increase in hiring and a tightening labor market.
Consumer spending surged 0.9% in May to mark the biggest gain in six years, as consumers splurged on new autos but also spent more to fill up their gas tanks. Spending for April and March were also raised a bit, according to revised figures from the Commerce Department.

BEA News Release - June25, 2015: Personal income increased 0.5 percent, and disposable personal income (DPI) increased 0.5%

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Personal income increased $79.0 billion, or 0.5 percent, and disposable personal income (DPI) increased $65.5 billion, or 0.5 percent, in May, according to the Bureau of Economic Analysis.  Personal consumption expenditures (PCE) increased $105.9 billion, or 0.9 percent.  In April, personal income increased $69.6 billion, or 0.5 percent, DPI increased $57.0 billion, or 0.4 percent, and PCE increased $8.5 billion, or 0.1 percent, based on revised estimates.

DealBook Today's Top Headlines - June 25, 2015: Greece and Creditors at an Impasse Over Taxes | Is Greece Like Lehman Brothers or RadioShack? | Ahold-Delhaize Merger Reflects Flat Growth in Grocery Market

Thursday, June 25, 2015
TODAY'S TOP HEADLINES
 
By DEALBOOK
GREECE AND CREDITORS AT AN IMPASSE OVER TAXES After the eurozone finance ministers abruptly ended their meeting on the Greek debt crisis on Wednesday, they were set to meet again at 1 p.m. in Brussels on Thursday (7 a.m. E.D.T.), James Kanter writes in The New York Times. That makes it likely that the Greek debt crisis will dominate a summit meeting of all 28 European Union leaders that will begin later on Thursday afternoon.

Creditors said a key sticking point was that the latest Greek proposals, which included pension cuts and tax increases, did not go far enough, Mr. Kanter writes. The Greek proposals could save about 8 billion euros, or $9 billion, in part by levying more taxes on higher earners and companies. But Greece has a spotty record of collecting taxes, and creditors are worried that the plan could hurt economic growth. In reply to Greece's proposals, creditors sought deeper pension cuts and an increase in annual revenue equal to 1 percent of gross domestic product from changes to the value-added tax system, compared with the figure of 0.74 percent of G.D.P. that Greece had offered. Mr. Tsipras and his top advisers said those revisions were unacceptable.

The International Monetary Fund, in particular, is upset that its demands for spending reductions have been ignored, Landon Thomas Jr. writes in DealBook. The new Greek proposals include a one-time 12 percent tax for companies making more than €500,000, an increase in corporate and value-added taxes and a requirement that corporations increase their contributions to pension plans.

Greek business owners, like Thanos Tziritis, the chief executive of Isomat, Greece's largest building materials company, are worried about shouldering the extra burden, Mr. Thomas writes. "Instead of the government making reductions in the public sector, it expects the private sector to pick up the bill," said Mr. Tziritis. "Companies will move overseas, more people will be laid off and, of course, there will be no growth in the Greek economy."

NYT First Draft on Politics - June 25, 2015: Obama Prepares to Speak Again in Wake of Violence

6/25/2015 nytimes.com/firstdraft »
First Draft

Obama Prepares to Speak Again in Wake of Violence

President Obama spoke about gun violence at the annual meeting of the United States Conference of Mayors in San Francisco on Friday. Zach Gibson/The New York Times
6/25/2015
By Michael D. Shear
Good Thursday morning from Washington, where President Obama has a long-sought trade deal waiting to be signed and to where Gov. Bobby Jindal of Louisiana has officially declared that he wants to move. But Mr. Obama’s focus now is on a landmark church in Charleston, S.C., and on the eulogy he has to give on Friday for a friend who was shot and killed there along with eight others.
On Friday, Mr. Obama will once again serve as consoler-in-chief after an unthinkable act — this time the killing of nine African-Americans during a Bible study at a South Carolina church.
Mr. Obama has repeatedly been called upon to channel anger and sadness after tragedy. He did it in Arizona, when a gunman shot a member of Congress and many others at a shopping center. He did it in Connecticut after 20 elementary school students and seven adults were killed in Newtown. And he did it after three people were killed in the Boston Marathon bombings.

Asian Markets at Close Report on June 25, 2015: China shares see violent selloff; rest of Asia fall on Greece

cnbc.com

China shares see violent selloff; rest of Asia fall on Greece

See Kit Tang
Mainland shares endured a sharp selloff late Thursday, while other regional bourses saw lackluster trade after negotiations between Greece and its creditors hit a stalemate overnight.
The Eurogroup meeting ended on Wednesday without any agreement, raising the risks of a Greek debt default once again. Officials are slated to reconvene on Thursday, according to Finland's finance minister.
"There is still time to agree a short-term plan so that Greece can get funding in exchange for reforms and therefore avoid capital controls and ultimately achieve the payment to the International Monetary Fund (IMF). However, time is slipping away and things are looking precarious, specifically for the Greek public," Chris Weston, IG's chief market strategist, wrote in a note Thursday.

Overnight, U.S. stocks finished in the red, with the Dow Jones Industrial Average ending nearly 1 percent lower. The S&P 500 and tech-heavy Nasdaq shaved off 0.7 percent each as investors dropped riskier assets like stocks amid the rising possibility of a Greek default.



 

NIKKEI Nikkei 225 Index 20771.40
-96.63 -0.46%
HSI Hang Seng Index 27145.75
-259.22 -0.95%
ASX 200 S&P/ASX 200 5632.72
-54.06 -0.95%
SHANGHAI Shanghai Composite Index 4528.86
-161.29 -3.44%
KOSPI KOSPI Index 2085.06
-0.47 -0.02%
CNBC 100 CNBC 100 ASIA IDX 7503.62
-37.74 -0.50%
Shanghai Comp tanks 3.4%
China's Shanghai Composite index turned sharply lower in the afternoon session to end down more than 3 percent, a reminder that last week's 13.3 percent correction may not be over, just yet.
Earlier in the week, HSBC had cautioned that the consolidation may continue in the near term as authorities moved to tighten margin lending.
Earlier in the session, the Shanghai index steadied at modest gains following news that authorities scrapped the 75 percent loan-to-deposit limit, which could mean more credit flows into the economy.
Property heavyweights were among the hardest-hit, with Shanghai Shimao and Gemdale losing 6.5 and 4.3 percent, respectively.

Financials gave up earlier gains, with smaller banks such as Hua Xia Bank plunging more than 2 percent. Bank of China and Industrial and Commercial Bank of China, meanwhile, fell 1.3 percent each.
Read MoreThese risks could derail China's bull run
Nikkei slips 0.5%
Japan's Nikkei 225 retreated from Wednesday's 18-year high as traders took profits after the recent rally.
Automakers were among the biggest losers. Nissan and Toyota Motor sagged over 1 percent each, while Suzuki Motor shaved off 0.9 percent.
A nearly 3 percent slump in heavyweight component Fanuc also weighed down on the bourse.
ASX drops 1%
Australia's S&P ASX 200 index closed down amid a broad-based selloff.
Energy and gold-related counters traded on the back foot due to weaker commodity prices in Asian trade. Evolution Mining and Newcrest Mining tanked 2.4 and 1.3 percent, respectively, while Santos declined 2 percent.
Banking heavyweights contributed further downside pressure, as Westpac led losses with a 1 percent decline.
On the corporate news front, mining contractor Macmahon Holdings, which entered a trading halt in the previous session, announced the sale of its Mongolian business early Thursday.

Meanwhile, the chief of Atlas Iron told Australian media that he is confident shareholders will vote in favor of capital raising at a meeting tomorrow. The dramatic slide in iron ore prices has forced the miner to slash costs and cut staff numbers earlier this year. Trading in its stock was halted early April.
Kospi sheds 0.1%
South Korea's key Kospi index finished marginally below the flatline despite news that the government announced a stimulus package of more than 15 trillion won ($13 billion).
Laggards included technology and carmakers; Samsung Electronics extended losses to fall 2.5 percent, while Hyundai Motor and Kia Motors closed down 0.8 and 1.1 percent, respectively.
Samsung C&T lost 3.4 after the construction and trading firm denied reports on Wednesday that its co-CEOs are planning to visit the New York-headquarters of the Institutional Shareholder Service to explain the legitimacy of its planned merger with Cheil Industries.
Shares of Cheil Industries - the de facto holding group of Samsung Group - reversed a higher open to sag 0.6 percent.
Meanwhile, the pharmaceutical sector continued to outperform, with a gauge of healthcare stocks jumping 7.4 percent. Within the sector, Daewoong Pharmaceutical and Hanmi Pharmaceutical leaped 18.3 and 6.6 percent, respectively.

U.S. Stock Market Future Indications - June 25, 2015: U.S. stocks eye rebound, with labor-market data, Fed speakers on tap.

marketwatch.com

U.S. stocks eye rebound, with labor-market data, Fed speakers on tap

Carla Mozee

Bloomberg
Jerome Powell, governor of the U.S. Federal Reserve, this week said two rate hikes may be in store this year.
U.S. stock futures moved higher Thursday, with updates about the labor market and consumer spending on tap, while investors will tune into speeches by two Federal Reserve officials for any further insight into the future of interest-rate hikes.
Futures for the Dow Jones Industrial Average YMU5, +0.49%  were up 79 points, or 0.4%, to 17,962, and those for the S&P 500 SPU5, +0.44%  picked up 8.9 points, or 0.4%, at 2,108.30. Nasdaq futures NQU5, +0.47%  were up 19.75 points, or 0.4%, to 4,535.75.
Stocks look ready to rebound after finishing in the red Wednesday, when the market was knocked back as it appeared Greek and European officials were still at a stalemate over the economic reform proposal Athens submitted earlier this week. The Dow Jones Industrial Average DJIA, -0.98%  slid 1%, marking its worst drop in a month. The S&P 500 index SPX, -0.74% lost 0.7% and the Nasdaq Composite COMP, -0.73%  fell 0.7%, pulling away from all-time highs hit Tuesday.
“It was never going to be easy. When the euphoria of the new proposal for Greece swept the markets higher on Monday it all seemed too good to be true,” said Richard Perry, market analyst at Hantec Markets, in a note. “And so it is proving now as the political bickering continues and there is still a lack of tangible progress.”
Greece’s Prime Minister Alexis Tsipras on Thursday was in talks with the International Monetary Fund, the European Commission and the European Central Bank, which oversee Greece’s bailout. Greece needs a deal before it can access fresh funding, with the country facing a €1.54 billion ($1.72 billion) debt payment due to the IMF at the end the month. Read: Greece’s leaders set deadline, threaten ‘take it or leave it’ choice
European equities SXXP, +0.22%  traded choppy on Thursday, with much attention focused on Greece headlines.
Data and Fed talk: The weekly jobless claims report is due at 8:30 a.m. Eastern Time, along with personal-income, consumer-spending and core-inflation data for May.
At 9:45 a.m. Eastern, Fed Gov. Jerome Powell will talks about retail payment-system security. Powell on Tuesday said he believed economic conditions may allow for two rate hikes before the end of the year. His remarks drove the dollar DXY, +0.00%  to its best one-day gain in a month against the euro.
Ahead of Powell, Federal Reserve Gov. Daniel Tarullo, a voting member of the Fed’s rating-setting committee, will talk about the economy and financial regulation at the Council on Foreign Relations in New York at 8 a.m. Eastern Time.
Read: Greece crisis: Who’s meeting and when on Thursday
Earnings: Ahead of the opening bell, Barnes & Noble BKS, -1.61%  is projected to post a per-share loss of 30 cents for its fiscal fourth quarter, according to a consensus survey by FactSet. The book retailer posted a loss of 72 cents a share a year ago.
Business consulting firm Accenture ACN, -0.49%  is forecast to report fiscal third-quarter earnings of $1.22 a share.
After Thursday’s close, Micron Technology MU, -1.76%   is expected to post fiscal third-quarter earnings of 57 cents a share, down from 82 cents a share a year earlier.
Nike NKE, -0.91%   is expected to post fiscal fourth-quarter earnings of 83 cents a share, up from 78 cents a share a year ago.
Other markets: Asian stocks markets dropped, leaving the Shanghai Composite SHCOMP, -3.46%  down more than 3% and Japan’s Nikkei Average NIK, -0.46%  down 0.5%. Oil futures CLQ5, -0.30%  were modestly higher as were gold futures GCQ5, +0.01%