Good morning. Here’s what you need to know:
- Asian markets were mostly up in overnight trading with the Nikkei up a notable 0.77%. European markets are mixed in early trading, and U.S. futures suggest a lower open.
- In moves set to further contain the growth of the Chinese market, the government plans to limit the production of copper and other metals in the country by 2015. The move will likely hit high cost producers and limit expansion in the country. See how China is restricting the export of rare earth metals >
- China has refused to raise key interest rates in line with other Asian powerhouses in a sign the country is content with the slowing it has achieved. This is also limiting expectations of further yuan appreciation. Here’s how China’s refusal to raise rates could lead to a run on risky assets >
- India looks set to raise its key interest rate Tuesday in an effort to contain inflation in the country. Recently, rising prices lead to country wide protests.
- Yesterday’s leak of nearly 100,000 U.S. government documents detailing the war in Afghanistan has lead the administration to condemn the move. The British government has refused to comment, and the Afghan government has claimed to be shocked at their release.
- Tullow has claimed to have discovered a “major” new oil field off the coast of Ghana. The British oil exploration company already has the most licenses in Africa.
- Deutsche Bank shares are getting hammered in the fallout from the European stress tests. This could be a result of the German banking authority failing to push the country’s banks towards releasing sovereign debt data. See other European bank share details here >
- The stress tests have also come under attack from banking analysts who see their assumptions as being too positive. JPMorgan says that 54 of the 91 banks should have failed. Here are 12 charts that show the stress tests as way too weak >
- Goldman Sachs could be audited by the federal government’s Financial Crisis Commission over its derivatives dealings. Recently released documents have suggested that Goldman Sachs was reliant on Lehman Brothers and Citigroup to protect it from an AIG default.
- Genzyme Corp is set to have more suitors than just Sanofi-Aventis with GlaxoSmithKline and Johnson and Johnson more natural purchasers for the firm. Genzyme’s market capitalisation is $16.7 billion.
- Bonus: After just one month of quitting the movie industry, actress Amanda Bynes has decided to return to the craft.
- Follow up to the minute markets coverage at Money Game >
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