Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading with the Hang Seng down a notable 1.13%. European markets are all down in early trading, and U.S. futures suggest a lower open. Here are 12 charts showing your blue chip portfolio getting crushed >
- Standard Chartered is predicting a 30% fall in real estate prices in China’s largest cities, including Shanghai and Beijing. Prices on land throughout the country are already starting to fall, as supply continues to grow. Check out these charts that will make you scared of Chinese real estate >
- The Agricultural Bank of China IPO could become the largest in history valued at $22.1 billion if investors on the waiting list are allowed to buy more shares. Currently, the IPO is valued at $19.21 billion.
- BP is in talks to sell a 10% stake in its company to Abu Dhabi, as the company’s CEO Tony Hayward makes his pitch to Crown Prince Mohammed bin Zayed Al Nahyan. Libya’s sovereign wealth fund is also interested in making an investment. Check out the beaches the oil spill may ruin forever >
- The German government has sent questionnaires to 16 of the country’s banks that will be a part of the European stress tests. Those stress tests are set to include about 100 banks.
- The UK government has made a significant profit on its government debt buyback plan. By purchasing gilts since May of 2009, the UK government has made $15 billion.
- Central banks look to be selling off gold in large quantities, which may explain the recent drop in prices. Central banks have raised $14 billion through gold swaps with the Bank for International Settlements since December. Here are 12 charts gold bulls will love >
- Steel manufacturers are cutting back production in the U.S. as prices, and demand, have fallen. There are also concerns China may dump steel on ths U.S. market it has no use for.
- Booz and AT Kearney have ended talks of a merger. The two management consulting firms would have become the third largest independent strategy consultancy in the world.
- KKR’s two founders have had their shares valued at $800 million each in advance of the company’s July 15 IPO. The firm has valued itself at $26 billion, and its shares currently trade in Amsterdam at a value of $6.4 billion.
- Bonus: An octopus named Paul in Germany, which correctly picked the result of all of Germany’s previous World Cup matches, has picked Spain to triumph in today’s semi-final. Here’s our preview of the match >
- Follow up to the minute markets coverage at The Money Game >
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