Good morning. Here’s what you need to know:
- The Nikkei crashed 3.6% in overnight trading, leading smaller losses across Asia. European markets are also down in early trading, and US futures point to continuing yesterday’s losses. Also, see 10 Unusual Stocks Attracting Huge Interest In The Pre-Market >
- The yen rose to a 15-year high, making yesterday’s attempt at quantitative easing look like a joke. This marks yet another failure of the Bank of Japan and policy makers to break the deflation cycle. Learn more about the Japanese Lost Decades >
- Case Shiller Home Price Index showed a 4.4% rise for June. This beats forecasts of flat-to-3.3% gains. Read more analysis >
- Consumer Confidence made a surprising jump from 50.4 to 53.5. Forecasts called for a smaller rise. Read more analysis >
- A survey of analysts saw gold rallying to $1,500 some time next year, with gains likely in economic recovery or deterioration. Gold is near its record high, now at $1,235. Here’s what you need to know about gold prices >
- Indian GDP grew the most since Q4 ’07, coming in slightly higher than estimates at 8.8%. But Indian markets were down with the rest of Asia. See why buyers are scared in the world’s biggest gold market >
- Taxpayer-supported Anglo Irish Bank reported a massive $10.3 billion first half loss. the loss includes about $6.0 billion in impairment charges and $4.4 billion in losses resulting from the transfer of bad assets to NAMA, Ireland’s bank cleanup unit. Click to see how Ireland got into this mess >
- Hurricane Earl is headed for North Carolina by Friday and may hit New York over the weekend. Winds reached 135-miles per hour today, making this a category 4 storm. See the most expensive hurricanes in US history >
- The Obama administration has proposed efficiency report cards for cars. The only cars that would receive A grades are hybrids and electric cars, while most SUV’s and pick-up trucks would get a C. Check out 15 cities that spend the most at the pump >
- Mexico has fired 3,200 federal officers as part of the war on drug cartels, and another 465 federal officers have been charged with breaking laws. Eliminating police corruption is a key platform for President Felipe Calderon. See why Mexico could be the next BRIC >
- Bonus: Maria Sharapova, who plays her first round today, is the oddsmaker’s favourite to win the US Open. It would be her first victory at a major since 2008 and following her shoulder injury in 2009.
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