10 Things You Need To Know This Morning

megan fox

Photo: AP

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

  • Asian indices were down in overnight trading with the Shanghai Composite falling 1.61%. Europe is sharply down and U.S. futures are lower.
  • The New York Federal Reserve has been meeting regularly with European banks to ensure they have enough cash during the crisis. And the ECB’s dollar loans to eurozone banks, have signaled stress in the markets. Across the board, European banks have seen a huge sell-off, with Société Générale, Italian Intesa-Sanpaolo and German Commerzbank AG taking huge hits. Check out 20 banks praying for the European bailout to work >
  • Morgan Stanley just slashed its global GDP growth forecast to 3.9% in 2011, from 4.2%; and 3.8% in 2012, from 4.5%. Specifically, developed markets are expected to average 1.5% this year, down from 1.9%.
  • Japanese exports decreased 3.3% in July, falling more than expected. A slowing U.S. economy and strong yen hurt the country’s exports. Don’t Miss: 10 countries that will dominate world trade in 2050 >
  • UK retail sales rose just 0.2% in July, from the previous month, when they increased a revised 0.8%. The rise was lower than analysts had forecast, as demand for clothes and household-goods fell.
  • July headline CPI came in at 0.5% while initial jobless claims climbed to 408K >
  • In earnings news from the tech world, JDS Uniphase warned of weaker than expected earnings because of overall macro issues. And NetApp, posted Q1 net income of $139.5 million or $0.34 a share, down from $150.7 million a year ago. The company said its costs outpaced revenue.
  • The Philadelphia Fed index came in at a dismal -30.7, while existing home sales fell 3.5% in July to 4.6 million >
  • It has been reported that Israeli buses were fired at near the Egyptian border. Soldiers are suspected to have been the targets of the attack, and injuries have been reported.
  • The Department of Justice is investigating S&P over its ratings of mortgage securities. Investigators are specifically looking into whether raters wanted to give bonds lower rating before the financial crisis, but were overruled by executives. Don’t miss: 15 cities getting killed by foreclosures >
  • BONUS – Megan Fox was spotted filming scenes for her movie This is 40 in Los Angeles.

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