Good morning. Here’s what you need to know:
- Asian markets were down in overnight trading, with the Nikkei notably down 2.04%. European markets are all also down in early trading, and U.S. futures suggest a slightly higher open.
- Several data points emerged from Asian manufacturers today that suggest a regional slow down in manufacturing growth. The HSBC purchasing managers index in China suggests growth is continuing, but only barely. Here are 12 charts that will ruin your dream of Chinese super growth >
- Japan’s tankan survey on business mood is at its first positive level in the last two years. Firms suggest that they intend to increase capital spending 4.4% in the year April 2010 to April 2011. See what Richard Koo thinks the U.S. can learn from Japan >
- Toyota may be on the brink of recalling 270,000 more cars over an engine failure issue. The cars in question are Lexus and Crown models, though it is undecided whether a recall will actually be necessary.
- China’s property bubble continues to show signs that it may be deflating with prices in Shenzen falling. Prices on properties sold fell 10.63% from May to June, though may reflect market preference for lower priced homes. These charts will make you scared of Chinese real estate >
- German manufacturing continued to expand in May, leaving much of the eurozone behind. Greece, notably, had its manufacturing industry contract at its fastest pace in 14 months.
- Spain’s banking industry continues to tumble today after a weak sovereign bond auction and concerns over a potential Moody’s downgrade of the country. Santander is under particular pressure, as investors have growing concerns over their diversification strategy. See the presentation Spain is trying to sell its sovereign debt with >
- After reports of corruption and money being sent outside the country, the U.S. government has decided to cut $4 billion in aid to Afghanistan. The aid may eventually be put back in place, if Afghanistan shows an effort to fight corruption. Check out the 15 oil and gas pipelines changing the world >
- Morgan Stanley has gone on a hiring spree in its private banking division bringing on 100 new bankers and may be seeking another 400 by the end of 2011. The move is part of a push to sell more structured products to clients.
- Hurricane Alex has made land fall along the Texas-Mexico border bringing 105 mph winds with it. The storm continues to slow efforts to clean up the BP oil spill.
- Bonus: The trailer for the new season of The Jersey Shore has been released and Snooki is on the attack against her housemates, again.
- Follow up to the minute markets coverage all day at The Money Game >
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