Treasury yields extend decline after May CPI data

Treasury yields extended their fall Wednesday after the core consumer prices gauge for May fell short of analysts’ expectations. The 10-year Treasury note yield TMUBMUSD10Y, -1.22% fell 2.3 basis points to 2.112%. The 2-year note yield TMUBMUSD02Y, -2.95% tumbled 5.7 basis points to 1.869%, while the 30-year bond yield TMUBMUSD30Y, -0.34% was down 1.9 basis points to 2.595%. Consumer prices rose 0.1% in May, in line with analysts’ estimates. But the core measure which strips out for food and energy prices increased by 0.1%, slightly below the 0.2% forecast. Investors say the absence of price pressures could put pressure on the Federal Reserve to ease policy this year, with some traders pointing to July as the most likely month for a rate cut.

Quorum to discontinue inpatient operations at MetroSouth hospital in Illinois

Quorum Health Corp. QHC, -5.24% said Wednesday its MetroSouth Medical Center in Blue Island, Ill. will discontinue inpatient operations, citing mounting financial losses resulting from decreasing patient volume, reduced reimbursement from government and commercial payors and increasing market saturation. MetroSouth is a 314-bed acute care hospital with a medical staff of 420 professionals. Quorum said the hospital is searching for a new operator to offer health care services. The company said MetroSouth is one of eight facilities being marketed for sale. If it is not able to divest the facility, Quorum said it will discontinue all operations by the end of this year. Quorum’s stock has tumbled 37.4% year to date through Tuesday, while the S&P 500 SPX, -0.03% has gained 15.1%.

Tom Watson: My job is to hold the Labour Party together

Labour’s deputy leader Tom Watson tells Sophy and Matt about his ‘craziest moment’ at Glastonbury and how he’s learned to love the Labour supporters who dislike him.

:: Listen to Any Other Business on Apple Podcasts, Spotify, Google Podcasts and Spreaker

But on the podcast where mention of Brexit will result in a forfeit, will he come through unscathed?

KKR to take stake in German publisher Axel Springer

Global investment firm KKR is set to take a stake in Germany's Axel Springer, the publisher of the mass-circulation Bild daily, in what is described as a strategic partnership.

Springer said Wednesday that a holding company owned by KKR-advised funds will launch a cash offer for Springer's outstanding shares valuing the firm at some 6.8 billion euros ($7.7 billion).

Continue Reading Below

It wasn't immediately clear how large KKR's stake will ultimately be. Friede Springer, the widow of Bild founder Axel Springer, controls 42.6% of the shares. CEO Matthias Doepfner owns 2.8%. Both will keep their stakes. Other Springer family members hold 9.8% of the shares.

Doepfner said the deal will enable Springer to pursue growth opportunities by providing additional finance and "relieving the mere focus on short-term financial targets."

Merrill Lynch on track to add 47,000 households in 2019

June 12 (Reuters) – Bank of America Corp’s wealth management unit could grow net households by 47,000 in 2019, according to a top executive.

Speaking at an investor conference on Wednesday, president of Merrill Lynch Wealth Management Andy Sieg said the bank is on track to grow new households by 6.5% from 2017 levels based on an annualized analysis of first quarter results.

The unit which manages $2.4 trillion in assets has been focused on growing assets and clients organically through referrals. (Reporting by Imani Moise)

Insys Therapeutics’ stock jumps after bankruptcy court approves ‘First Day’ motions

Shares of Insys Therapeutics Inc. INSY, -77.67% shot up 83% in premarket trade Wednesday, after the bankrupt opioid maker said it received interim court approvals for its "First Day" motions related to bankruptcy filing on Monday. The rally comes after the stock closed at a record low of 14 cents on Tuesday, a far cry from its split-adjusted record high of $641.95 on Sept. 28, 2000. The company said it was granted approval to continue paying its employees and vendors, and to continue its cash management system. "This is an important step forward in our court-supervised process, which is intended to fairly and transparently address the Company’s legacy legal liabilities," said Chief Executive Andrew Long.

WPP Plc Affirms FY Guidance & Medium-term Outlook – Quick Facts

WPP plc (WPP.L,WPPGY) said, for 2019, the company continues to project: like-for-like revenue less pass-through costs down 1.5% to 2.0%, and headline operating margin to revenue less pass-through costs down around 1.0 margin point on a constant currency basis, excluding item.

The company’s medium-term financial targets, to be achieved by the end of 2021, continues to be: organic growth in line with peers; and headline operating margin of at least 15%, excluding item.

Providing an update on the sale of a majority stake in Kantar, WPP plc said the process is progressing in line with its expectations.

Israel upgrades its air-raid warning system

The Israeli military says it has overhauled its air-raid warning system in order to minimize disruptions to the general population.

Interested in Israel?

The army said on Wednesday that it is has divided the country into 1,700 alarm zones, up from the current 255 zones.

Ariel Blitz, head of public preparedness at the military’s home front command, says the system will more accurately pinpoint where an incoming rocket is heading.

He says that in Israel’s southern region near Gaza — an area that is a frequent target of Palestinian rocket fire — 75% fewer individuals will hear each siren. During past rounds of fighting, nonstop air-raid sirens have heavily disrupted life in the area.