Good morning. Here’s what you need to know.
- Markets were mixed overnight in Asia with the Shanghai Composite up 1.07%. European indices are all up in early trading, and U.S. futures suggest a higher open.
- The Chinese government is considering levying new property taxes in an effort to slow down the growth of the country’s real estate bubble. The new taxes would not be in place until 2012, so speculation should remain strong in the interim. Here’s how Chinese property stocks are reacting to the news >
- The Iranian government is claiming that Shahram Amiri spied on the U.S., rather than the other way around. Both countries have been fighting over who the Iranian nuclear scientist worked for.
- Surprising industrial production numbers have helped Europe’s markets to surge today. Industrial production rose 3.8% in May, rather than remaining flat as expected. Check out 12 industrials that will be rocked by UPS and Caterpillar earnings today >
- Europe is also anticipating positive stress test results for the region’s banks on Friday, likely to be released during the trading day. All major banks are expected to pass, with only a few banks with clear problems likely to fail.
- Not content with providing what some view as weak stress test data, many major European banks intend to release information on their sovereign debt holdings at the same time. This will include both central and local government exposures to 30 different countries. Here’s Niall Ferguson’s complete guide to sovereign debt crises >
- Credit Suisse earnings have come in line with other major banks and include a significant decline in revenues. Profit rose 1.4% in Q2, but the investment banking division’s earnings fell 53%.
- SABMiller has reported declining volumes in the sale of beer in Q1 of the company’s fiscal year. Volume was down 1% over the same period last year, after being up 2% last quarter.
- Nokia’s profit dropped 40% in Q2 due to increasing competition from Apple’s iPhone. Net income was €58 million less than expected.
- The future of the climate bill remains in doubt as behind closed door conversations have yet to garner the 60 senate votes needed for passage. Concessions have been offered to bring Republicans on board, but they have had little impact.
- Bonus: Angelina Jolie has expressed interest in playing Cleopatra in a new biopic of the Egyptian queen.
- For up to the minute markets coverage check out Money Game >
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