Good morning. Here’s what you need to know.
- Asian indices were down in overnight trading with the Nikkei dropping 0.50%. Major European indices are in the red and U.S. markets have opened positve. Now, here are 10 unsual stocks attracting huge interest this morning >
- China announced a quarterly trade deficit of $1.02 billion, its first in seven years. The yuan fell against the dollar but China is expected to post a trade surplus for the year. Here are 17 facts about China that will blow your mind >
- NYSE Euronext’s board of directors rejected a $11.3 billion hostile bid by Nasdaq and ICE. The bid was rejected because of its “unacceptable execution risks”. Meanwhile Deutsche Boerse announced that its acquisition was proceeding as planned.
- President Obama is expected to present a long-term plan on deficit reduction this Wednesday. Debate on the debt ceiling is expected to continue after President Barack Obama and Congressional leaders worked on a deal that averted a government shutdown on Friday. Check out the details of Rep. Paul Ryan’s plan to save America from bankruptcy >
- Japan’s Tohoku region was hit by a 7.1 magnitude earthquake and TEPCO workers were temporarily evacuated from the plant. Tsunami alerts have been lifted. Don’t miss: Photos of post-apocalyptic Japan >
- Swiss commodities trading company Glencore will launch its IPO this week and expects to sell about $10 to $12 billion in shares. The company’s CEO said Glencore would consider bigger mergers after its listing.
- PIMCO is now short the US treasury market based on its recent portfolio. The company’s chief Bill Gross has been bearish for a while now and 3% of PIMCO’s portfolio is bet against treasuries. Check out Niall Ferguson’s complete and definitive guide ot the sovereign debt crisis >
- Endo Pharmaceuticals Holdings Inc. will acquire American Medical Systems Holdings Inc. for about $2.6 billion in cash. The bid gives American Medical shareholders $30 a share and Endo will take on $312 million of the company’s debt.
- Icelanders voted against a deal to compensate Britain and the Netherlands for the collapse of Icesave Bank. Nearly 60% of the 175,000 voters rejected the plan intended to compensate British and Dutch depositors that had placed €4 billion in the bank and lost the money when Icesave’s operator Landsbanki Islands collapsed.
- UK banks that combine retail and investment won’t have to be split according to the Independent Commission on Banking. The panel does however recommend ring-fencing to better protect customer deposits.
- BONUS: Nicki Minaj will be the opening act for Britney Spear’s upcoming concert tour.