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Good morning. Here’s what you need to know:
- Asian markets rebounded overnight, with the Hang Seng up 1.54%. European indices are mostly higher and U.S. futures suggest a positive open. Now here are the 10 unusual stocks attracting huge interest this morning >
- China has just increased taxes on small automobile sales from 7.5% to 10%. The government is also limiting the amount of new licence plates available to Beijing residents. Don’t miss: 17 facts about China that will blow your mind >
- U.S. Admiral Robert Willard announced China’s new surface to sea missile, capable of targeting U.S. aircraft carriers, is operational. While the system is not fully complete, it may already be capable of hitting U.S. ships that operate near South Korea and Japan. These are the threats the U.S. Air Force is really worried about >
- China’s slashing of export quotas for rare earths in H1 2011 by 35% sent shares in related stocks higher yesterday. Notably, Australian rare earths miner Lynas Corp rose 10.8% overnight. This is why everyone is so bullish on rare earth metals >
- Indonesia has increased reserve requirements for the country’s banks in a bid to slow down inflation in the country. The increases are meant to combat hot money flowing into the emerging market.
- South Korea has changed its mind on 6 party talks over North Korea, agreeing to enter into negotiations over the country’s nuclear weapons program. South Korean President Lee also called for new, direct talks between the North and South. Check out the real North Korean military threat to South Korea >
- European companies are now paying more than their U.S. counterparts in debt markets for the first time since the outbreak of the financial crisis. The reason is the spread of financial stress in Europe due to the eurozone crisis.
- The ECB has been unable to recoup expected amounts of cash from Europe’s banks receiving €13.5 billion less than expected. ECB leaders were hoping to break even on their bond purchases with this funding. Are these the next dominos to fall in Europe >
- UK unemployment is now expected to surge by 1.1% in 2011, to 9%. The rise is largely due to a projected 120,000 job losses in the public sector.
- BJ’s Wholesale has become a takeover target for buyout firm Leonard Green and Partners. It is possible, that if BJ’s does not put itself up for sale, Leonard Green may go hostile with its bid.
- Bonus: Reese Witherspoon has announced her engagement to Jim Toth. The two have been dating for around a year.
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