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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading. Europe is slipping ahead of the ECB decision and U.S. futures are modestly higher as well.
- The European Central Bank left its target rate unchanged at 0.75 per cent. But attention will be on the press conference where president Mario Draghi could announce more potent policy measures. SocGen’s client survey shows that 69 per cent expect the ECB to disappoint >
- The Bank of England maintained its benchmark interest rate at 0.50 per cent and held its asset purchase program at £375 billion.
- Spain sold €3.1 billion of debt beating its target. Borrowing costs however climbed at the auction with yields on the note due January 2022 climbing to 6.706 per cent. Now here are 14 reasons Spain is turning into a disaster >
- Initial jobless claims tick higher to 365K but beat expectations. Factory orders for June are out at 10 a.m. ET. Consensus is for a 0.7 per cent month-over-month increase in factory orders. Follow the release at Money Game >
- Today is massive for earnings news. Time Warner Cable reported a 7.6 per cent rise in second quarter profit driven by its high-speed services. The company was however hit by its cable service and continues to lose video providers. Meanwhile, Sunoco, Kraft Foods, and Pitney Bowes will also report earnings today.
- BNP Paribas’ second quarter profit declined 13 per cent, with net income falling to €1.85 billion, from €2.13 billion a year ago. The bank said Europe’s sovereign debt crisis impacted trading revenue. Don’t Miss: 50 stocks that hedge funds are shorting like crazy >
- Abercrombie & Fitch is down 16 per cent in pre-market trading after the company issued a profit warning. Meanwhile, Green Mountain Coffee Roasters also announced earnings after the bell and the company cut its full year sales forecast.
- The China Securities Regulatory Commission (CSRC) cut transaction fees applied to stocks and futures trades to boost the stock market. The Shanghai Composite has been at 3.5 year lows. Now here are 10 ways China is changing the world >
- Spain’s unemployment declined by 27,814 or 0.6 per cent in July on the prior month. Spanish unemployment reached a record 24.63 per cent in the second quarter.
- Bonus – Mila Kunis and Ashton Kutcher were seen catching a flight to Bali.
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