Good morning. Here’s what you need to know:
- Asian markets are up in overnight trading, with the Nikkei up a notable 2.71%. European indices are mostly lower in early trading, and U.S. futures point to a lower open. Don’t miss: 12 stocks ready to rip after Intel’s huge earnings >
- Singapore is experiencing dramatic growth rates, with GDP growth from April to June of 19.3%. The government has also increased projections for the year 2010, now predicting GDP growth of 13% to 15%.
- The eurozone’s financial stability fund, or the European Financial Stability Facility, is set to be up and running by the end of July. The fund will be worth €440 billion and is set to be awarded a AAA rating. Here’s what you need to know about why the eurozone has fallen apart >
- The European Union has approved the cooperation pact between British Airways, American Airlines, and Iberia that will see tighter marketing and flight cooperation between the parties. BA is still sorting out its retirement plan issue, which is having an effect on the progress of its merger with Iberia.
- German officials are searching Credit Suisse offices in 13 cities in pursuit of alleged tax evaders. This investigation aims to draw links between Credit Suisse employees and their tax evading clients.
- Spanish bank borrowing from the ECB was the highest on record in June as banks increased their borrowing to €136.49 billion. The surge was likely the result of an ending ECB liquidity facility and a difficulty for Spanish banks in tapping the interbank markets.
- Police in Northern Ireland have experienced another night of sectarian violence, the third in a row. The violence comes as the Unionist Orangemen had a series of scheduled marches on July 12.
- The Federal Reserve is set to decrease growth forecasts in today’s report, though the board remains mixed on how to act. The Fed has limited options on how it could spur the economy, with interest rates already close to zero. Here’s Richard Koo’s awesome presentation explaining why austerity in the U.S. is insane >
- Illinois is set to attempt to tap bond markets for $900 million, even though it has a serious debt situation. The state currently has $5 billion in bills that have not been paid. Here are 15 states where house prices actually fell in May >
- Microsoft has admitted that the 12th alleged spy in the Russian spy case was an employee. Alexey Karetnikov, the alleged spy, worked as a software tester for the company for less than a year.
- Bonus: Penelope Cruz has married long time boyfriend Javier Bardem.
- Follow up to the minute markets coverage all day at The Money Game >
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