Good morning. Here’s what you need to know.
- Asian indices were mostly up in overnight trading with the Shanghai Composite rising 2.92%. Europe is trading higher and U.S. futures are flat.
- Steve Jobs resigned as CEO of Apple and the board named Tim Cook, previously the company’s chief operating officer, the new CEO. Jobs had reportedly been housebound the last few weeks but is not believed to have resigned because of a sudden worsening of his condition. Jobs will continue to be Charmian of the board. Don’t Miss: The Apple executives that will run the show now that Steve Jobs is gone >
- Federal Reserve Chairman Ben Bernanke will speak at the annual Fed symposium in Jackson Hole, Wyoming tomorrow. It is being reported that he will not hint at a third round of quantitative easing.
- Analysts expect global growth to slow this year and continue into the next. Citigroup cut global GDP growth down to 3.1% from 3.4% in 2011, and 3.2% from 3.7% in 2012. Meanwhile, UBS cut 2012 global GDP growth projections to 3.3%, from previous 3.8%. Now here are the 15 biggest deficit’s in the developed world >
- Greek 10-year bond yields climbed 50 basis points to 18.39%, while the two-year bond topped 45%, amid concerns that Finland’s demands for collateral on loans could jeopardize a second bailout package.
- The rebellion against Qaddafi intensified as rebels have pushed towards his hometown of Sirte, and are offering $1.7 million for Qaddafi’s capture. The Arab League has recognised the rebel council as the legitimate representative of the Libyan people. Meanwhile, the four Italian journalists that had been kidnapped in Libya have also been freed.
- Initial jobless claims came in higher than expected at 417K >
- Hurricane Irene, the strongest Atlantic storm that has threatened the U.S., is expected to hit the East coast with speeds as high as 115 miles per hour. It has already struck the Bahamas and North Carolina has been put on hurricane watch.
- Glencore posted a 57% rise in first half net income to $2.45 billion. Glencore’s earnings were pushed by higher commodity prices. Meanwhile, French bank Crédit Agricole posted a 10.6% drop in Q2 net income, because of a pre-tax impairment of €202 million on its Greek bonds. First-half net income however was up nearly 60%.
- Warren Buffet’s Berkshire Hathaway has received EU approval for its $9 billion bid for Lubrizol Corp.. Berkshire is said to be boosting its operations outside of North America.
- BONUS – Kate Moss is posing topless for the Pirelli calendar.