10 Things You Need To Know This Morning

china parade women

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

  • Asian markets are down in overnight trading, with the Shanghai Composite down a notable 1.87%. European markets are mixed in early trading and U.S. futures suggest a higher open.
  • China’s Q2 GDP report came in lower than expectations with 10.3% growth rather than the 10.5% expected. For H1 2010, growth was 11.1%. Check out how to read China’s latest GDP report >
  • Japan has increased its projected GDP growth for this fiscal year from 1.8% to 2.6% due to a better than expected export market. The Bank of Japan also downgraded growth expectations for the fiscal year ending April 2011 to 1.9% from 2.0%. 
  • Agricultural Bank of China’s Shanghai debut disappointed with shares only moving up 1%, rather than the 10% management was pursuing. AgBank’s Hong Kong shares begin trading on Friday. 
  • Spain sold $3.8 billion in 15-year government bonds today in a sale that produced somewhat worrying yields. The yield on similar debt auctions for Spain has moved from 4.432 on April 22, 2010 to 5.116 today. Here’s what you need to know about why the eurozone is falling apart >
  • Foreclosure rates remain at highs in the U.S., but have fallen from their all time summit, down 2.81% in June over May and 6.98% in June 2010 over June 2009. Every one in 411 homes was notified of a potential foreclosure in June. Here are 15 states where home prices actually fell in May >
  • BP has had to yet again delay the closure of the well that it has just recapped. This time it is due to concerns over a leaky choke line. Here’s another way to visualise how much oil is leaking >
  • Apple has scheduled a press conference this Friday to discuss problems with its new iPhone 4 relating to reception. They are likely to announce some sort of offer to those customers impacted by the disappointing call reception, though a recall seems unlikely.
  • The pharmaceutical company GlaxoSmithKline is planning on payments of $2.4 billion in relation to a series of lawsuits related to its diabetes drug Avandia, its anti-depressant Paxil, and issues with its Puerto Rico production facility. 
  • JPMorgan earnings have beaten analyst estimates with the bank making $4.8 billion in Q2 2010 over $2.72 billion in Q2 2009. Analysts had projected earnings per share of $0.62, with the actual result $1.09. Here are 12 stocks on the move after JPMorgan’s massive earnings >
  • Bonus: Kelly Osbourne has split from her fiancee after rumours surfaced he was cheating.
  • Follow up to the minute markets coverage at The Money Game >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.