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Good morning. Here’s what you need to know.
- Asian markets were down in overnight trading with the Shanghai Composite down 0.24 per cent after weak trade data. Europe is selling off and U.S. stocks opened modestly lower.
- Chinese imports disappointed climbing just 4.7 per cent year-over-year (YoY) in July. Meanwhile, exports climbed just 1 per cent, down from 11.3 per cent. The trade surplus narrowed to $25.1 billion. Here’s an 80-second guide to why the Chinese central bank’s job just got more complicated >
- UK building output declined 3.9 per cent in the second quarter, down from a previous estimate of 5.2 per cent. But the smaller than expected decline in building output suggests that the UK economy could have declined less than expected.
- Import prices fell 3.2 per cent in July from a year ago.
- The Financial Services Authority said Libor in its present state is “no longer fit for purpose”, according to Reuters. The British regulator is pushing for reforms to Libor.
- JC Penney reported a loss of $0.67 per share, much bigger than expectations for a loss of $0.23 per share. Same store sales declined 22 per cent. Don’t Miss: The 36 best analysts on Wall Street >
- IBM has made an “informal approach” to acquire RIM’s enterprise services unit which operates a network of servers needed to support BlackBerrys, according to Bloomberg. RIM is up over 5 per cent in pre-market trading.
- The IEA raised its projection for oil demand growth this year to 900,000 barrels per day (bpd). But cut its oil demand projections for 2013 to 800,000 bpd, attributing the decline to resumption of nuclear energy use in Japan.
- Singapore’s economy contracted 0.7 per cent in the second quarter, shrinking less than expected. This week the government cut its 2012 growth forecast to 1.5 per cent, down from 2.5 per cent. See the history of the Asian economy like you’ve never seen it before >
- The U.S. treasury budget for July will be released at 2 p.m. ET. Consensus is for a July deficit of $103 billion. Follow the release at Money Game >
- Bonus – Kate Upton posed nude for the new issue of Contributor magazine.
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