10 Things You Need To Know Before The Opening Bell

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Good morning. Here’s what you need to know:

  • Asian markets were mostly up in overnight trading, with the Nikkei a notable exception, down 0.39%. European markets are mixed in early trading, and U.S. futures suggest a lower open. Don’t miss: A complete look at the mediocre stock market rally >
  • Copper has come under pressure this morning from a slow down in Chinese demand of 17% month-over-month from May to June. Prices are now off their 2 week high in London and may continue to fall if Chinese demand trends lower.
  • PetroChina would “welcome” a broader relationship with BP and may be in line to purchase BP assets or enter into joint ventures with the company. PetroChina has about $60 billion to invest in projects over the next 10 years.
  • BP is already in talks to sell off some of its assets, including $10 billion in properties to Apache Corporation. The deal could include some of BP’s Alaska assets. Here are beaches the oil spill may ruin forever >
  • Blackstone is taking over a $2 billion real estate portfolio from Bank of America that focuses on the Asian region. The deal involves properties formerly owned by Merrill Lynch, and is for the unwinding of the fund, not for Blackstone to take over ownership of the assets. These charts will make you scared of the Chinese real estate market >
  • 64 people were killed and many more injured in a bomb attack on a pair of venues in Kampala, Uganda yesterday. The alleged culprits are Somali Islamists, with World Cup viewing parties the target. 
  • Britain’s recession has been confirmed as the worst since World War II, having lasted six quarters. The rate of peak decline of 6.4% over the period was also found to be .2% worse than expected. Here’s how the UK’s emergency budget would look in the U.S. >
  • The head of Italy’s UniCredit bank is pushing for a European wide banking bailout fund. He believes that $25.36 billion could be raised by the areas banks to support failing institutions and backstop the industry. Here’s what you need to know about who’s exposed in Europe >
  • AON is set to buy Hewitt Associates for $4.9 billion, valuing it at $50 a share. The deal will see AON add to its consulting business with Hewitt’s human resourcea expertise. 
  • The Senate goes to work this week on getting the financial reform bill to President Obama’s desk. Senate Majority Leader Harry Reid is only guaranteed 57 votes, through two Republicans have agreed to vote for the bill.
  • Bonus: The Office’s John Krasinski has married British actress Emily Blunt in Italy. The two are staying at George Clooney’s villa at Lake Como.
  • Follow up to the minute markets coverage live at The Money Game >

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