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Good morning. Here’s what you need to know.
- Asian markets were up in overnight trading with the Shanghai Composite ending up 0.2 per cent after oscillating between gains and losses following a massive release of economic data. Europe is rallying and U.S. stocks opened higher.
- In earnings news, JP Morgan reported second quarter net income of $5 billion, but excluding all gains earnings were $0.67, against estimates of $0.76. Results include CIO trading losses of $4.4 billion. Meanwhile, Wells Fargo reported Q2 net income of $0.82 per share beating expectations.
- Chinese GDP climbed 7.6 per cent year-over-year in the second quarter, after growing 8.1 per cent the previous quarter. Given weak data the past few months China has been cutting interest rates and pushing pro-growth measures. Industrial production also missed expectations. Now here are 10 ways China is changing the world >
- JP Morgan is restating its revenue to $26.71 billion. The restatement will reduce reported net income by $459 million and earnings per share was cut by $0.12 cents to $1.19, according to its 8-K filing. Now here is the fabulous life of Jamie Dimon >
- Italy sold €5.25 billion of three-year bonds at an average yield of 4.65 per cent. Borrowing costs fell at the auction and this was the lowest the country had to pay to borrow since May.
- Singapore’s GDP unexpectedly contracted 1.1 per cent year-over-year in the second quarter. This is after growing a revised 9.4 per cent in the first quarter. Now click here to see the most important charts in the world >
- Late yesterday, Moody’s cuts Italy’s government bond rating by two notches to Baa2, from A3. The downgrade was spurred by the country’s deteriorating economic outlook and because it is likely to see its funding costs rise. Don’t Miss: Nomura – Italy is quietly getting a whole lot worse >
- Tim Geithner sent Bank of England governor Mervyn King a private memo in 2008, asking for six changes to improve the credibility of LIBOR, according to a Wall Street Journal Report.
- Producer price index for June will be out at 8:30 am ET, followed by consumer sentiment at 9:55 a.m. ET. Expectations are for PPI to decline 0.4 per cent month-over-month and for the sentiment index level to rise to 73.5. Follow the release at Money Game >
- The Bank of Korea lowered its 2012 GDP growth projection to 3 per cent this year, down from 3.5 per cent. This comes after its surprise rate cut yesterday.
- Bonus – Emily Blunt was spotted working out at the UCLA campus track.
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