Good morning. Here’s what you need to know:
- Asian markets were down in overnight trading, with the Shanghai Composite down a notable 1.23%. European markets are mixed in morning trading and U.S. futures suggest a lower open. 10 unusual stocks attracting huge interest today >
- The U.S. trade deficit with China hit a 21 month high in June at $26.2 billion. That’s more than half of the total June U.S. trade deficit, valued at $49.9 billion. Don’t miss: 10 Chinese brands set to take over U.S. households by 2020 >
- Las Vegas Sands has delayed the opening of its Macau, China mega-casino due to a lack of employable workers. The first two portions of the project are set to cost $2.35 billion as the company tries to mimic a Las Vegas style atmosphere for the resort.
- Industrial production declined in June in the EU by 0.1% due to shrinking German output. Expectations were for a 0.6% increase in industrial production for June.
- Slovakia’s domestic vote to not contribute to the EU bailout of Greece has upset Brussels politicians and created doubts about the certainty of the bailout. EU ministers have denied any threat to the Greek bailout package, however. Don’t miss: Who gets pounded if Greece defaults >
- The ECB has called on Spain to remain dedicated to its austerity measures and to increase them heading into 2011. Spain’s regional governments are being shut out of the bond markets, which will impact their ability to employ workers. Don’t miss: Here’s what Spain’s austerity budget would look like in the U.S. >
- AM-Inbev increased net profit for Q2 year over year with $1.15 billion in 2010, $80 million more than 2009. Success in growing Brazil countered losses the company experienced in its North American division. Check out why Whitney Tilson loves BUD >
- The UK’s Prudential, which dropped out of its bid for AIG’s Asian arm this quarter, posted Q2 profits of $693 million. Revenues for the company grew by 24% in Q2.
- AIG did, however, just sell off American General Finance, its consumer lending business, to Fortress, the hedge fund and private equity firm. The deal valued an 80% stake in the company at $200 million, when the division was valued at $2.4 billion just recently.
- Repossessions of foreclosed homes by banks neared record highs in July, rising to 92,858 properties. Expectations have now risen above one million for the amount of homes that will be repossessed in 2010.
- Bonus: U.S. Senator John McCain has called star of MTV’s Jersey Shore Snooki, “too good looking to go to jail.”
- Follow up to the minute markets coverage at Money Game >
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