Good morning. Here’s what you need to know:
- Asian markets are mixed in overnight trading with the Shanghai Composite down a notable 1.62%. European markets are all higher in early morning trading, and U.S. futures suggest a higher open. Don’t miss: 12 charts on the state of the global oil market >
- China’s government has reiterated its position on the country’s property boom insisting that it plans to follow through on measures to slow speculation. This comes after property prices fell 0.1% in June, versus May, the first such fall since February 2009. These charts will make you scared of Chinese real estate >
- China has bid for €1 billion in Spanish bonds over the past few weeks, with the result being a new €400 million holding for the country. China’s involvement in the Spanish bond sale has brought further certainty to the country’s position.
- AIG is now considering the next step in its plan to spin off AIA, its Asian division, after Prudential’s bid for the company was withdrawn. Right now, an IPO seems the most likely path, but four Chinese buyers are also interested in the company.
- Moody’s downgraded Portuguese sovereign debt two notches to A1 from Aa2 this morning. Thus far, the downgrade has impacted the euro, but not European markets. Here’s what you need to know about why the eurozone has fallen apart >
- Banks in Europe have been successful in limiting the immediate damage of new Basel III requirements by extending the time period over which they must be implemented. There will now be a 10-year window to put the rules into place, many of which have been watered down.
- PriceWaterhouseCoopers is suggesting that house prices in the UK could fall for the next five years and perhaps as long as 2020. They also suggest that the assumed risk free nature of property, and borrowing against it, is at an end.
- The oil spill in the Gulf of Mexico and the clean up effort for it will save BP $10 billion in taxes this year. The reduction in tax payments is so big that Britain may need to be concerned as it seeks to hammer away at its deficit.
- The financial reform bill looks set for senate passage with Sen. Scott Brown and Sen. Olympia Snowe, both Republicans, agreeing to support the measure. Previously, Republican Sen. Susan Collins had expressed her support.
- Earnings season started yesterday in the U.S. with positive results from Alcoa and CSX. Today Intel reports its Q2 earnings after the closing bell. Check out what Warren Buffett’s favourite steel company is saying about the global economy >
- Bonus: Mel Gibson’s horror story continues with new allegations saying the actor threatened to kill his ex.
- Follow up to the minute markets coverage all day at The Money Game >
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