10 Things You Need To Know This Morning

Blake Lively

Photo: AP

Good morning. Here’s what you need to know.

  • Asian indices were down in overnight trading with the Nikkei falling 2.11%. Europe is in the red. US stocks are barely higher.
  • The Eurozone Services Purchasing Managers’ Index (PMI) fell to 51.6 in July, from 53.7 in June. Germany’s PMI fell to a 17-month low of 52.9, while France’s PMI fell to a 16-month low of 54.2. Meanwhile Italy and Spain both indicated contraction with readings of of 48.6 and 46.5 respectively. Click here to see who gets crushed if Italy goes bust >
  • The Swiss National Bank announced a surprise cut in interest rates, and warned of similar action in the future, to curb the soaring Swiss franc. Yields on 10-year Italian and Spanish bonds fell, and the dollar surged on the news. Check out the only currencies that have outperformed gold this year >
  • Gold surged from about $1,620/oz to about $1,670/oz today. Investors have moved to the precious metal, amidst concerns over the U.S. economy and eurozone debt crisis.
  • The ADP employment report for July beat expectations with 114K private sector jobs >
  • In earnings news, Constellation Energy posted adjusted Q2 earnings of $0.76 per share, missing estimates of $0.85 per share. WellCare Health Plans posted Q2 adjusted net income of $76.7 million, or $1.77 per diluted share, from $0.90 per diluted share a year ago. Meanwhile, Time Warner Inc. posted Q2 operating earnings of $0.60 per share, but said it expects growth in the low teens this year. 
  • Chinese non-manufacturing index rose to 59.6 in July, from 57 in June. This was the first rise in three months. The news comes as a relief amidst concerns that current policy to rein in inflation is slowing down the economy. Check out 18 facts about China that will blow your mind >
  • Italian Prime Minister Silvio Berlusconi will address both houses of parliament separately today. Berlusconi has been noticeably quiet for almost a month and is expected to defend his economic policies as Italy struggles to stave off European debt crisis and its borrowing costs rise. Now here is the sad story of how Italy got to be such a wreck >
  • ISM non-manufacturing survey for July missed expectations at 52.7 >
  • Blackberry maker Research in Motion is expected to announce the release of 5 new smartphones today, including its first all-touch screen phone. The move comes as part of the company’s efforts to win back market share from Apple.
  • BONUS – Blake Lively and boyfriend Leonardo DiCaprio were spotted biking around New York city.

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