Good morning. Here’s what you need to know:
- Asian markets were up in overnight trading, with the Hang Seng up a notable 1.82%. European markets are all up in early trading, and U.S. futures suggest a higher open. Don’t miss: 6 reasons to feel bullish about the economy >
- New manufacturing data from China suggests the country is undergoing a minor economic contraction. The purchasing manager index has fallen below 50, indicating the government has succeeded in achieving a slowdown of the economy. Check out 12 charts on why U.S. manufacturers are now more optimistic than China’s >
- Local governments in China appear to be incorrectly reporting their GDP data, as it does not add up to the government’s nationwide result. This is having the impact of inflating China’s GDP, and making growth look higher than it really is.
- 1,200 people are now estimated dead in floods that have displaced at least 2 million in Pakistan. The Pakistani military is now assisting in the rescue of stranded people, in areas in the country’s north.
- 5 rockets have been fired from either Jordan or the Sinai desert, hitting both Eliat in Israel and the Jordanian town of Aqaba. So far, no fatalities have been reported.
- BP’s plan to start drilling off the coast of Libya has come under threat from the EU, with the Italian environmental minister calling for a moratorium. There is no unified voice for Mediterranean states to speak on the matter, as of yet. Here are 9 charts that paint a surprisingly good future for BP >
- Europe’s banks are set to experience a debt rollover of $122 billion by year end, which could act as a second stress test for the continent. Intesa Sanpaolo SpA and UniCredit SpA are two of the banks most in need of refinancing.
- BNP Paribas has reported better than expected Q2 results, with net profit rising 31% over the same period last year. Analysts had expected little to no rise in net profit.
- Profit at HSBC surged, beating forecasts by over $1 billion due to the improving performance of its loan book. The bank continues to struggle in the U.S., Europe, and the Middle East, but profits were up 20% in Asia.
- Nomura is suggesting that the U.S. Federal Reserve will ease monetary policy on August 10. The means of easing is likely to be, according to Nomura, a stop in the shrinking of the Fed’s balance sheet. Check out the Fed charts that show the true nightmare of our economy >
- Bonus: Lindsay Lohan is free from prison after 13 days in the Century Regional Detention Facility.
- Follow up to the minute markets coverage at Money Game >
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