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Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading, with the Hang Seng down 2.03 per cent and the Shanghai Composite at a 6-month low. Europe is selling off and U.S. stocks are lower.
- Italy sold €7.5 billion of 1-year debt. The average borrowing cost was 2.697 per cent, down from 3.97 per cent at the June 13 auction. Meanwhile, German two-year notes fell to a record low of -0.026 per cent. Don’t Miss: Nomura – Italy is quietly getting a whole lot worse >
- It’s clear the Greek economy is being punished by austerity. The Greek unemployment rate jumped to 22.5 per cent in April, from 22 per cent in March. Youth unemployment is now at 51.5 per cent.
- Chinese new loans beat estimates coming in at 919.8 billion yuan, against expectations of 880 billion yuan. China has aggressively cut interest rates and pushed growth policies to stabilise its economy. Now here are 10 ways China is changing the world >
- The Bank of Japan expanded its asset-purchase program by 5 trillion yen, to 45 trillion yen ($564 billion). But it avoided major policy moves and marginally lowered its 2013 growth outlook to 2.2 per cent. See the history of the Asian economy like you’ve never seen it before >
- Alcoa has signed a new $1.4 billion agreement to supply Airbus with products. Meanwhile, Japanese advertising company Dentsu has agreed to buy UK’s Aegis Group for $4.9 billion in cash.
- Initial jobless claims fell to 350K, widely beating expectations of 372K. Meanwhile, import prices plunged 2.7 per cent month-over-month in June and export prices fell 1.7 per cent.
- The Bank of Korea cut its benchmark interest rate by 25 basis points to 3 per cent. This was its first cut since 2009. Meanwhile, Brazil’s central bank cut its Selic rate by 50 basis points to 8 per cent.
- Indian industrial production rebounded in May, with production at factories, utilities and mines climbing 2.4 per cent year-over-year. Industrial output benefited from a prior interest rate cut. Now here’s why everyone is freaking out about India >
- Industrial output in the euro area unexpectedly climbed 0.6 per cent month-over-month in May.
- Bonus – Katie Holmes and daughter Suri were seen at the Central Park Zoo.
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