10 Things You Need To Know This Morning

Heidi Klum

Photo: Dimitrios Kambouris/Getty Images for QVC

Good morning. Here’s what you need to know.

  • Asian markets were mixed in overnight trading with the Nikkei up 0.88 per cent but stopping shy of the 9,000 mark. Europe is selling off and U.S. markets have opened lower.
  • German industrial production declined 0.9 per cent month-over-month (mum) in June.  Meanwhile, exports fell 1.9 per cent mum in June. This comes after yesterday’s decline in German factory orders and shows that Europe’s largest economy is slowing under the weight of the region’s debt crisis. 7 reasons why September is going to be a huge month for Europe >
  • The Bank of England lowered its growth outlook and now expects the UK economy to grow 2 per cent a year in two years, down from 2.65 per cent. Inflation is expected to fall to 1.6 per cent in two years. 
  • Standard Chartered could have to pay $700 million in fines to resolve the money laundering allegations filed by New York regulators. Crazy details about the bank that’s been accused of transferring $250 billion to Iran >
  • Rio Tinto’s profits plunged 22 per cent in the first half.  But the company does not plan to cut back on its $16 billion spending program and has warned of near-term volatility in commodity markets. Experts explain how the next shock will shatter the global economy >
  • In earnings news, DISH Network reported a 33 per cent decline in second quarter earnings. Meanwhile, Venoco reported Q2 net income of $14.5 million on total revenue of $82.5 million. Macy’s is expected to report earnings of $0.65 per share.
  • Japanese trade surplus widened to 433.3 billion yen in June, from 215.1 billion in May. The trade surplus was boosted by a decline in oil prices.
  • Nonfarm productivity climbed 1.6 per cent in the second quarter beating expectations.
  • Economists are cutting their growth forecasts for India as weak monsoons are adding to the country’s economic woes. Citigroup cut its forecast to 5.4 per cent for the year ending March, and warned that it could fall to 4.9 per cent if the drought worsens. CLSA cut its forecast to 5.5 per cent.
  • Egypt launched air strikes on Islamic militants in Sinai close to the border with Israel. This was in retaliation to an attack on Egyptian border police, according to Reuters.
  • Bonus – Heidi Klum tweeted a vintage photo of her mooning the camera.

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