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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Bombay Stock Exchange up 1.3 per cent on reports that foreign institutional investors have been pouring money into Indian stocks. Europe is higher and U.S. futures are modestly higher.
- European governments are speeding up €100 billion in emergency loans to help recapitalize Spain’s banks. They might also take the costs off the government’s balance sheet to help Spain weather the region’s debt crisis. Check out the 13 people who are destroying the global economy >
- Chinese trade surplus widened to $31.7 billion in June. Exports beat expectations rising 11.3 per cent, but imports rose just 6.3 per cent month-over-month. Now here are 10 ways China is changing the world >
- Alcoa kicked off earnings season yesterday when it announced second quarter earnings of $0.06 per share. Net revenue however fell 9.4 per cent to $5.96 billion as aluminium prices plunged.
- Intel is investing $4.1 billion in ASML a Dutch semiconductor company. Through this investment, Intel hopes to speed up the process of an advanced chipmaking technique called extreme ultra-violet (EUV) lithography.
- Google is close to a deal to pay $22.5 million to settle a U.S. federal trade commission probe over claims that it violated user privacy on Apple’s internet browser, Safari.
- Italian industrial production beat expectations climbing 0.8 per cent month-over-month in May. But this is believed to be a temporary rebound rather than the start of a recovery. Don’t Miss: Nomura – Italy is quietly getting a whole lot worse >
- UK manufacturing unexpectedly climbed 1.2 per cent month-over-month in May. Both May and June data are believed to have been distorted after the government moved a public holiday to June.
- Barclays chairman Marcus Agius faces UK lawmakers today over the Libor scandal. Barclays has been fined over $450 million for manipulating the Libor. The Fed was worried about LIBOR manipulation as early as 1998 >
- Engineering company Shaw Group announced a third-quarter loss of $16 million or $0.24 per share. Meanwhile, OCZ Technology is expected to announce a loss of $0.12 per share.
- Bonus – Keira Knightly was seen smoking on the sets of Can A Song Save Your Life? in New York.