Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading, with the Hang Seng up 0.64%. European indices are all up in early trading, and U.S. futures suggest a higher open.
- BP announced earnings this morning for Q2, notching a massive $17 billion loss due to the oil spill in the Gulf of Mexico. It was also announced that company CEO Tony Hayward will be stepping down. Check out Whitney Tilson’s presentation on BP >
- Had it not been for the oil spill in the Gulf of Mexico, BP would have reported significantly higher earnings than Q2 2009. BP is now pursuing $30 billion in asset sales in an attempt to cover the costs of the oil spill. Check out 9 charts that paint a bright future for BP >
- Property developers in Beijing are having to slash prices by 15% to stimulate demand for new real estate due to China’s tightening measures. Land prices, however, continue to move dramatically upward undeterred by tightening measures. 14 charts that show China’s housing bubble is far from over >
- The Reserve Bank of India has raised rates more than expected in an effort to tame inflation as the country experiences dramatic growth. There are some fears that the hikes may result in a slowdown of industrial growth.
- Yahoo Japan, of which only 35% is owned by Yahoo, has opted to switch to Google’s search engine and advertising setup. The company was choosing between Microsoft’s Bing, Yahoo search, and Google.
- Deutsche Bank released positive earnings this morning beating last year’s Q2 performance by notching €1.2 billion in earnings. The company also released sovereign debt exposures, something it was expected to do alongside last week’s stress tests. Here’s how Deutsche Bank is winning over sceptics >
- Both UBS and SAP also produced positive earnings results for the quarter, with UBS posting a $1.91 billion profit in Q2. Earnings for the software giant SAP were up 41% over H2 2009. Here are 12 charts on this morning’s monster rally in European banks >
- Daimler AG also performed well in Q2, producing a $1.62 billion net profit. During the same period of 2009, the firm posted a $1.02 billion loss.
- The chemical maker DuPont has announced Q2 earnings per share of $1.17, beating analyst expectations of $0.93 per share. Revenue for the company rose 25.6%.
- Bonus: The cast of MTV and Viacom’s “Jersey Shore” are set to open the NYSE today.
- Follow up to the minute markets coverage all day at Money Game >
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