Good morning! Here's what you need to know in markets on Thursday.
1. Some White House officials say President Donald Trump "doesn't think he needs" to prepare for his upcoming meeting with North Korean leader Kim Jong Un. The historic summit comes at an unpredictable time for the Korean Peninsula, especially after North Korea announced it would reconsider meeting with Trump.
2. The dollar rallied to a five-month high on Wednesday. It rose as high as 93.63 on the US dollar index, which measures the greenback against its major peers.
3. Japan is considering retaliatory tariffs on US exports worth $409 million. The move follows Trump's tariffs on steel and aluminum imports.
4. Facebook is about to be hit with a "flood of lawsuits" in the EU. Europe's tough new data privacy law, GDPR, will come into effect next week.
5. FBI Director Christopher Wray told a Senate panel on Wednesday that the law enforcement agency is "deeply concerned" about any company like China's ZTE gaining positions of power in the U.S. telecommunications market. Wray also said he was not aware if President Donald Trump made any attempt to consult with the FBI for its views before he recently sent a note on Twitter promising to help ZTE restore jobs.
6. Oil prices are poised to break through $80 per barrel and Asia's demand is at a record, pushing the cost of the region's thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016. Oil prices have gained 20 percent since January to just shy of $80 per barrel , a level not seen since 2014.
7. Police searched five properties linked to Malaysia's allegedly corrupt former prime minister. Nearly $700 million from a state fund was reportedly found in Najib Razak's personal accounts in 2015.
8. Cisco reported a 4.4% rise in quarterly revenue on Wednesday, its second straight quarterly rise, driven by strong growth in its newer businesses such as security. The company's net income rose to $2.69 billion, or 56 cents per share, in the third quarter ended April 28, from $2.52 billion, or 50 cents per share, a year earlier.
9. British online supermarket Ocado said U.S. retailer Kroger had agreed an exclusive deal to use its technology for grocery deliveries. The U.S. company will take a 5% stake in Ocado as part of the deal, Ocado said on Thursday.
10. Britain will cut the maximum stake on fixed odds betting terminals to two pounds from the current 100 pounds($136) in a bid to curb problem gambling. The decision follows complaints that the machines were highly addictive and had led to gamblers building up big losses.
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