Good morning. Here’s what you need to know:
- Asian markets were down in overnight trading with the Shanghai Composite down 2.89%. European indices are mixed in early trading and U.S. futures suggest a lower open. Check out 10 unusual stocks attracting huge interest in the pre-market >
- The FOMC meets today to discuss whether or not the Federal Reserve will act to supply another round of quantitative easing. Follow up to the minute coverage of their post meeting release at Money Game >
- Chinese investment in real estate is continuing to soar, even though property prices are slowing their growth. Year-over-year prices for commercial property in China increased 10.3% in July, while investment in new development increased 37.2% year-over-year. Check out 14 charts that show China’s dangerous housing bubble is far from over >
- Chinese import growth has declined significantly for the month of July, falling to a growth rate of 22.7%. In June, the year-over-year growth for Chinese imports was 53%.
- North Korea is attempting to settle a portion of its outstanding debt with the Czech Republic by offering the country’s government ginseng. The Czech Republic has offered to consider such a product for debt swap, but would prefer zinc, which is mined in North Korea.
- GDF Suez and International Power have agreed to combine their international assets in an effort to expand their mutual exposure to emerging markets. The deal is worth €30 billion ($39 billion) and will involve the transfer of certain properties between the two companies.
- UK property prices have started to fall again in the month of July after a positive month of June just as real estate agents believe more properties will be hitting the market. Falling prices on properties beat increasing by 8% in the month of July, the inverse of June.
- The U.S. government and BP are nearing a deal in which BP’s $20 billion fund for the Gulf cleanup would be backed by their future oil production in the region. The fund would not be backed by the rigs themselves, but by the future revenues from oil production in the region. Here are 9 charts that paint a bright future for BP >
- Freddie Mac has requested an additional $1.8 billion in U.S. government support. This would bring the size of the Fannie and Freddie bailout to $148.3 billion.
- The private equity firm KKR has decided not to move forward with the $500 million share sale it had planned prior to the company listing on the NYSE. This was to be a common unit sale.
- Bonus: Levi Johnston is set to run for mayor of Wasilla, Alaska on a new reality TV show. Check out the journalism job you could get there >
- Follow up to the minute markets coverage at Money Game >
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