Good morning. Here’s what you need to know:
- Indices in Asia were up overnight with the Shanghai Composite up a notable 1.92%. European exchanges are all up in early trading, and U.S. futures point to a higher open. Don’t miss 12 charts that show the state of the U.S. labour market >
- China’s Premier Wen Jiabao has expressed his doubts over the global recovery and feels the long-term impact of the financial crisis may pose a risk to Chinese growth plans. This may be the country’s way of preparing markets for further movements in the yuan. Here are 12 charts showing China sputtering >
- China is considering freeing its sovereign wealth fund, China Investment Corporation, from holding onto bank shares in China. This move would make the fund not a bank in the eyes of the U.S. government, allowing it to act more freely in the U.S. market.
- The Agricultural Bank of China IPO is set to come to market today, and could raise more than any other IPO in history. AgBank’s IPO has been troubled by concerns it is too exposed to rural China rather than the country’s city growth engines.
- China has been moving to invest significantly in Japanese sovereign debt, in an effort to diversify its foreign debt holdings. In the first four months of 2010, China purchased $6.2 billion in debt from the Japanese government.
- The Thai government has extended its state of emergency in response to what they consider a lingering threat to state security. There are concerns that red shirts, which launched significant protests in the past, may do so again. Here are pictures from the last outbreak of Thai violence >
- Toyota has admitted to knowing about the problem in Lexus automobiles for two years prior to its recall of the 270,000 cars. The faulty part has the potential to cause the vehicle to stall.
- Doubts continue to dominate the results of the European banking stress tests with new reports suggesting Spanish and German banks were allowed to stress test themselves, rather than a government regulator. This would make the results for the continent’s top 25 banks even more spurious. Here are the 25 banks that may be stress tested >
- BP has denied the need to raise funds through a new share issue in order to support itself in the wake of the Gulf oil spill. The company is trying, however, to raise support for its stock by targeting middle-east investors.
- A new tropical depression is showing signs of strengthening in the Gulf of Mexico, with the potential to threaten the area impacted by the oil spill. The storm is currently off the coast of the Yucatan Peninsula.
- Bonus: Jenna Fischer, also known as Pam on The Office, has married her new husband Lee Kirk.
- Follow up the minute markets coverage live at The Money Game >
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