“Sometimes paranoia’s just having all the facts.” — William S. Burroughs

1. Weyerhaeuser (WY), forest products comp., names new CEO — Weyerhaeuser (WY) appointed Doyle Simons, the former head of Temple-Inland, to replace retiring CEO Dan Fulton. Weyerhaeuser is also acquiring 645,000 acres of high-quality timberlands in Washington and Oregon from Brookfield Asset Management (BAM) for $2.65B. Weyerhaeuser will explore “strategic alternatives” for WRECO, its homebuilding and real-estate development business, including a merger, sale, or spin-off.
2. Obama indicates that FOMC Chief Bernanke’s time is drawing to an end — Bloomberg, reported President Obama told Charlie Rose that the chairman has already stayed “a lot longer than he wanted or he was supposed to.” Bernanke’s second four-year stint at the central bank is due to end on January 31.
3. Japan Exports Surge Most Since 2010 — Bloomberg, Japan’s exports rose more than forecast in May as a weaker yen boosted the value of overseas sales, underscoring the profit boon for manufacturers from Prime Minister Shinzo Abe’s reflation campaign. With imports climbing 10%, Japan generated a trade deficit for the 11th consecutive month as the figure widened 13% on month to ¥993.9B ($10.4B).
4. Chinese manufacturing PMI shrinks further — HSBC Chinese manufacturing PMI has fallen to a nine-month low of 48.3 in June from 49.2 in May and vs consensus of 49.4. “Manufacturing sectors are weighed down by deteriorating external demand, moderating domestic demand and rising de-stocking,” says HSBC. Because of Beijing’s preference for reform over stimulus, the bank expects “slightly weaker growth in Q2.”
5. More trouble in store for mortgage-bond investors — Holders of mortgage bonds may be facing billions of dollars of undisclosed losses after a review of investor documents showed that individual houses are being reported as being in foreclosure long after they’ve been sold or the loans paid off. The reporting lag has enabled banks and servicers to continue charging investors monthly fees, and could lead to new litigation. The companies involved include Bank of New York Mellon (BK), Wells Fargo (WFC), Ocwen Financial (OCN) and Bank of America (BAC).
6. FOMC Chairman Bernanke signals the end of QE — Reuter, Global markets across multiple sectors sold off after Ben Bernanke signaled that the Fed may soon start turning down the money printing presses, saying that the bond-buying could end in mid-2014.

The week ahead — Economic data from Econoday.com: