Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading but the Shanghai Composite climbed 1.02 per cent to its highest level in five-weeks. Europe is rallying like wild and U.S. markets are higher.
- The July jobs report crushed expectations with 163,000 new jobs. But the jobless rate climbed to 8.3 per cent.
- Yields on Spanish two-year bonds are falling this morning. This comes after European Central Bank president Mario Draghi said the ECB was looking to target the short end of the yield curve on sovereign debt. Don’t Miss: 7 reasons September is going to be a huge month for Europe >
- In earnings news, Procter & Gamble reported core earnings of $0.82 per share. Meanwhile, Viacom reported adjusted earnings of $0.97 per share, on revenue of $3.24 billion which is shy of expectations. 50 stocks that hedge funds are shorting like crazy >
- Linkedin beat revenue expectations when it reported earnings after the bell yesterday. The company posted earnings of $0.16 per share, on revenue of $228.2 million. Linkedin also increased full-year 2012 revenue expectations to between $915 – $925 million.
- BHP Billiton took a $2.84 billion writedown on assets it acquired from Chesapeake Energy Corp. and a $450 million writedown on its Australian nickel assets.
- Chinese non-manufacturing PMI fell to 55.6 in July, from 56.7 in June, but stayed above the contractionary level of 50. There is concern that the slowdown in China’s exports is spreading to the services sector. Now here is SocGen’s presentation on the slowing state of the Chinese economy >
- The ISM non-manufacturing index for July will be released at 10 a.m. ET. Consensus is for the composite index level is expected to rise to 52. Follow the release at Money Game >
- Eurozone composite PMI inched higher to 46.5 in July, from 46.4 in June, but stayed below the contractionary reading of 50.
- Eurozone retail sales climbed for the second straight month in June. The rise in retail sales is however unlikely to be maintained as unemployment rises and consumer confidence declines.
- Bonus – Kristen Stewart beat out Jennifer Lawrence for a role in upcoming film Lie Down In The Darkness.
BI Intelligence, a new subscription research service from Business Insider, provides in-depth insight, data, and analysis of the mobile industry.
Access all reports, research updates, presentations, data and chart libraries plus much more with your free trial.