Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading with the Hang Seng up a notable 1.1%. European markets are all up in early trading and U.S. futures suggest a slightly higher open. Apple’s strong earnings seem to be spilling over into general optimism. Don’t miss: Goldman’s bullish 12-month commodities guide >
- China has denied reports that it is the world’s number one energy consumer, but data suggests the country is importing a dangerously large amount of its oil, coal, and gas. See the details behind China’s dependence >
- The U.S. has announced new sanctions against North Korea that specifically target the country’s nuclear weapons programme and its leadership. These add to already substantial sanctions against the country.
- China has raised $31.8 billion in IPOs thus far this year, without including the $19.2 billion AgBank IPO deal. Oddly, the exchanges in China are some of the worst performing in the world, year to date. Here’s how key Chinese IPO’s have performed >
- UK Prime Minister David Cameron has suggested that his country’s troops could start to leave Afghanistan next year. He has also cautioned that any departure will be based on whether or not conditions in the country are appropriate for such a withdrawal.
- Greece is attempting to tempt Libya and its sovereign wealth fund into investing in the country’s infrastructure, including energy and real estate assets. The $65 billion sovereign wealth fund is not interested in providing loans, only investments. Here’s who gets pounded if Greece defaults >
- Reckitt Benckiser Plc is purchasing SSL International, the makers of Durex condoms, for $3.9 billion. Reckitt makes products such as hair removers, pain killers, and a heroine replacement drug called Suboxene.
- The UK’s budget deficit goals may already be under threat as June numbers came in 1.5 billion pounds higher than expected. Numbers for May were also revised up, with the deficit being 17.1 billion pounds, rather than 16 billion pounds.
- Countrywide Financial is under pressure this morning for 153 special loans it made to Fannie Mae executives. Countrywide, now owned by Bank of America, is seen as trying to gain special influence over Fannie Mae executives through these measures.
- U.S. home loan demand rose last week for the first time in 5 weeks as investors looked to take advantage of low interest rates. Government loans remain the driving force in the market. Here are 14 scary facts about the U.S. real estate market >
- Bonus: Lindsay Lohan is set to serve only 14 days of her 90 day jail sentence.
- Follow up to the minute markets coverage all day at Money Game >
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