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Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading with the Nikkei down 0.65 per cent. Europe is selling off. U.S. markets have opened lower after a disappointing jobs report.
- Futures plunged after June nonfarm payrolls added 80K, missing expectations of 90K gains. The unemployment rate stayed unchanged at 8.2 per cent. Now here’s what Wall Street’s 24 best economists were expecting >
- Italian prime minister Mario Monti’s cabinet has passed €26 billion of spending cuts through 2014. The plan calls for €4.5 billion in spending cuts this year, €10 billion in 2013, and €11.5 billion in 2014.
- Yields on 10-year Spanish bonds climbed over 7 per cent today, despite yesterday’s lending rate cut from the ECB. Don’t Miss: Martin Wolf explains why the ECB will always disappoint >
- Amazon is teaming up with Foxconn to develop a smartphone that would compete with the iPhone and Android devices. Meanwhile, the search for a new CEO for Yahoo has been narrowed down to interim CEO Ross Levinsohn and Hulu CEO Jason Kilar.
- German industrial output rose 1.6 per cent month-over-month in May and was unchanged from a year ago. Now here is UBS’ guide to the most troubled countries in the eurozone >
- Christine Lagarde has said that the IMF is poised to cut the global growth outlook in 10 days. Back in April the IMF had projected 3.5 per cent growth for 2012.
- German Chancellor Angela Merkel’s approval rating is at its highest since 2009. 66 per cent of those polled for ARD public television said she is doing a good job.
- UK’s producer price index fell 0.4 per cent in June. The Bank of England had earlier projected that inflation could fall under 2 per cent this year. This adds to signs that inflation could in fact decline below that level. Check out what inflation looks like around the world >
- Canadian unemployment is also scheduled for 8:30 a.m. ET. Expectations are for the rate to remain unchanged at 7.3 per cent in June.
- Bonus – Miranda Kerr’s wax replica was unveiled at Madame Tussauds Sydney.
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