Good morning. Here’s what you need to know:
- Asian markets are mostly down in overnight trading, with the Nikkei down a notable 2.86%. European markets are mostly up in early trading, and U.S. futures indicate a mixed open.
- BP claims to have closed the leak in the Gulf of Mexico, but the cap they have put in place is only a temporary solution. Check out the 12 stocks ready to run thanks to BP plugging the leak >
- China has failed to tame loan lending in the country and, instead, lending has skyrocketed near 2010 limits already. As of June 30, the market has nearly reached the 7.5 trillion yuan loan limit set by the government. Here’s our take on China’s latest economic data >
- China has removed a set of export rebates for its steel market in an effort to tame the industry’s growth. The Chinese steel industry grew by 13.8% in June over May.
- The Hong Kong portion of Agricultural Bank of China’s IPO debuted today and only rose 2.2%, lower than hoped. The disappointing result was likely the fault of a bad day for the Hong Kong market and concerns over the company’s loan exposure to rural China.
- 21 people have been killed in a pair of suicide bombings on the same Shia mosque in southern Iran. The attacks have been linked to a Sunni terrorist organisation.
- European banking stress tests, set to be released July 23, will not reveal any catastrophes, according to eurozone finance minister chair Jean-Claude Juncker. The stress tests are set to cover 91 banks. Here’s what’s wrong with the eurozone >
- Greece is lining up a big bond auction next week for $1.94 billion in 13-week treasuries. The July 20 auction is expected to proceed comfortably.
- GE earnings have beat analyst estimates with Q2 earnings rising 16%. This is due to the improving fortunes of the company’s GE Capital division.
- Apple is set to hold a news conference today to address problems with its iPhone 4. Follow the announcements live at 1 PM EDT with SAI >
- Bonus: Lindsay Lohan has entered rehab, for the fourth time, in an effort to get clean and perhaps fight her jail sentence.
- Follow up to the minute markets coverage at Money Game >
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