Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading with the Shanghai Composite notably higher, up 2.15%. European indices are down in early trading, and U.S. futures suggest a lower open.
- Chinese Central Bank officials are predicting a fall in property prices in the second half of 2010. This is due to a “very large pressure” on prices brought on by government efforts to curb speculation. These charts will make you scared of Chinese real estate >
- Toyota has yet again come under government scrutiny in the U.S. this time over steering relay rods. The company has been subpoenaed by the State of New York in an effort to gain more details about problems with this portion of vehicles.
- Spain sold $7.75 billion in both 12 and 18-month government debt at auction today at lower than expected yields. The yields fell from a previous sale, down from 2.837% on the 18-month to 2.331%. Here’s the presentation Spain is using to convince the world to buy its debt >
- Greece was not so fortunate in its debt auction, selling $2.53 billion in 13-week government debt, but seeing its yields climb. The yield on such debt rose from 3.65% at the last sale, to 4.05% today. Here are the banks and countries that will be crushed in a Greek default >
- Intel has reached an antitrust agreement with the FTC over its marketing practices during a 10-year period of industry leadership for the chip manufacturer. Intel will likely change its marketing practices, though will not face a civil financial penalty, as the FTC does not have the power to issue them.
- Nokia Siemens has secured a $7 billion deal with Harbinger, the hedge fund, to build a new mobile network in the U.S. The network will be a high speed service based around both land based wireless solutions and satellite technologies.
- UK Prime Minister David Cameron is set to visit the U.S. today, but his visit is being overshadowed by concerns over BP. Mr. Cameron will likely have to contest with conversation about the company’s links to the Lockerbie bomber’s release as well as its position in the Gulf, rather than other issues such as Afghanistan.
- Fabrice Tourre of Goldman Sachs has asked for his fraud charges to be dismissed after his company’s settlement with the SEC. He claims he cannot be held responsible for any omissions made by the company. Here are the winners and losers from Goldman’s SEC settlement >
- Goldman Sachs reports earnings this morning, while Apple reports this afternoon, after the closing bell. Here are the 12 stocks that will be rocked by Apple earnings >
- Bonus: Jessica Simpson claims she found a wrinkle on her 30 year old body, only 9 days after her birthday,
- Follow up to the minute markets coverage all day at Money Game >