Good morning. Here’s what you need to know:
- Asian markets are all up in overnight trading, with the Shanghai Composite up a notable 2.31%. European markets are trading slightly higher, and U.S. futures suggest a slightly higher open.
- South Korea raised its key interest rate to 2.25% today indicating confidence in that country’s recovery. The move signaled to Asia the strength of its economic rebound, and equities have moved dramatically higher as a result. Here’s what you need to know about the state of the South Korean economy >
- The Chinese telecommunications company Huawei is seeking a deal with Sprint to expand their wireless broadband network. The company has previously been refused a deal in the U.S. due to its potential links to the Chinese military.
- The yuan has moved higher against the U.S. dollar today in what is believed to be a thank-you for the U.S. not labelling the country a currency manipulator. The Treasury’s report on the issue is likely to smooth relations between the two countries. Here’s why China never needed to revalue the yuan >
- China has renewed Google’s licence to operate in the country. The two had been at odds over the restriction of search within the Chinese mainland and Google’s redirection of users to its Hong Kong portal.
- The spy swap between the U.S. and Russia is in its final stages as the 10 Russian spies are now nearing arrival in Moscow. The U.S. four, returned in the swap arrangement, were involved in espionage activities in Russia.
- ECB President Jean-Claude Trichet has announced a planned slowdown in the amount of sovereign debt the central bank will buy as he sees the region’s economy returning to stability. He announced no plans to move the region’s low 1% interest rate, however. Check out who’s exposed to sovereign debt in Europe >
- The EU looks set to approve the Comcast NBC Universal joint venture with GE. U.S. government officials are still deciding whether they will approve the deal, however, and may force Comcast to sell Hulu.
- BP has denied claims that it will be able to stop the leak in the Gulf of Mexico faster than expected, noting the July 20 to July 27 time frame would only be possible in “a perfect world.” The company maintains its original target date of sometime in August. Here are some beaches the oil spill may ruin forever >
- BP is seeing a notable recovery in its credit, after months of seeing pressure on the downside. Credit default swaps for the company have fallen in price to almost half of what they cost 4 weeks ago.
- Follow up to the minute markets coverage all day at The Money Game >
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