Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Nikkei up 0.53%. Major European indices are in the green and U.S. markets have opened slightly lower.
- An Austrian finance ministry official has said Greece is expected to receive €85 billion in its second bailout. The new bailout will include support from private investors.
- China’s manufacturing sector grew at its slowest pace in 28 months. Chinese PMI fell to 50.9 in June, from 52 the previous month and below expectations of 51.3. A reading below 50 indicates contraction. Meanwhile, the Shanghai Composite fell 0.1%. Now here are 18 facts about China that will blow your mind >
- Italian manufacturing PMI for June came in at 49.9, down from 52.8 the previous month and below expectations of 50.6. This comes at a time when focus is shifting to Italian debt situation. Check out the debt situation in the Eurozone >
- Meanwhile, the Italian government has agreed to a €47 billion in austerity cuts and tax increases. S&P has however warned that Italy faces debt risks despite the new austerity plans. Now here are the 15 countries most buried under debt >
- The ISM Manufacturing index for June crushed expectations coming in at 55.3 versus expectations of 52. Construction spending fell 0.6% in May to a seasonally adjusted annual rate of $753.5 billion >
- UK manufacturing PMI for June dropped to 51.3, below expectations of 52.3, expanding at its slowest pace in 21 months. Weaker domestic market and slower growth in export orders were blamed for the weak number. Now here are the most unequal countries in the world >
- The sexual assault case against former IMF chief Dominique Strauss-Kahn seems ready to fall apart, after prosecutors raised concerns about the maid’s credibility. It was discovered that the maid had previously lied about a sexual assault in her home country of Guinea. Don’t miss: The fabulous life of Dominique Strauss-Kahn before he was arrested >
- Corn futures had their largest drop in 15 years after U.S. farmers boosted acreage of the grain. Farmers planted 92.282 million acres of corn this year, 1.8% higher than analysts’ projections.
- Motor vehicle sales data for June will be released today, consensus is for 9.6 million domestic vehicle sales. Consumer sentiment for June fell to 71.5 missing expectations >
- BONUS: Angelina Jolie was spotted bowling with all her children in Malta where Brad Pitt is currently filming World War Z.