Good morning. Here’s what you need to know:
- Asian markets were down in overnight trading, with the Shanghai Composite down 0.92%. Major European indices are also lower and U.S. futures indicate a negative open.
- Head of the Bundesbank Axel Weber will not run for the position of ECB president, according to reports. Weber is considered a hawk on the subject of bailing out the eurozone’s fringe, and the news has led to a selloff in the euro. Click here for the next dominos to fall in Europe >
- Talks between North and South Korea collapsed this morning over the North’s refusal to apologise or take responsibility for recent attacks on the South. North Korea says the South provoked them into attacking Yonpyeong. Here’s how the North Korean military could destory Seoul in 2 hours >
- A new WikiLeak suggests that U.S. government officials have doubts over the legitimacy of Saudi oil claims. One official believes the Saudis might be overestimating their oil holdings by as much as 40%. Check out a former BP executive explain the reality of peak oil >
- The stability of the Italian government has been brought into question this morning, as Italian prosecutors have demanded an immediate trial of Prime Minister Silvio Berlusconi on sex and misconduct charges. A judge still must approve the trial’s progression. Here’s why Citi thinks no sovereign is absolutely safe >
- The new iPad is already in production, and will be delivered for Verizon and AT&T, according to the Wall Street Journal. It will include several updates, but will not yet be released for other major U.S. mobile phone providers.
- The London Stock Exchange and Canada’s biggest stock exchange have agreed to a merger. The deal will see the creation of a trading platform with the most mining companies in the world.
- Information on the struggles within Nokia has leaked, with a memo from the company’s CEO saying the company is on a “burning platform.” It suggests the firm is aware of how far behind it is terms of the smart phone market.
- Two hearings on Capital Hill today will target the Fed. One, at 10:00 AM ET where Chairman Bernanke will appear before the House Budget Committee, the other, conducted by Rep. Ron Paul, on the Fed’s role regarding unemployment. Check out our exclusive interview with Ron Paul here >
- Pakistan’s cabinet resigned today in a move to appease opposition demands for a smaller, more economically efficient executive. The U.S. is in the midst of considering revoking its aid to the country. Don’t miss: The 11 countries at risk of becoming the next Egypt >
- Bonus: Jude Law and Sienna Miller have broke up. This is the second time the pair have split.