Good morning. Here’s what you need to know.
- Asian indices were up in overnight trading with the Nikkei up 1.13%. Major European indices are in the green and U.S. markets have opened positive.
- Greek prime minister George Papandreou is expected to hold a confidence vote in parliament today. The vote is crucial for Greece to receive a new tranche of cash that would prevent the country from defaulting. The yield on the 10-year Greek bond fell 6 basis points and default swaps on Greece dropped 60 basis points in the build up. Refresher: Here’s who gets slammed if Greece restructures >
- China’s foreign ministry has again said that it is willing to help European countries boost economic growth. A spokesman said the country had increased its holdings of euro bonds and looked to encourage cooperation with European countries. China was reported to have bought eurozone debt in April. Now here are the 21 countries most likely to default >
- German economic sentiment fell from 3.1 to -9 against expectations of a drop to -3. The real drop came in the financial sector, where bank sentiment fell from 14.1 to -10.5 and insurance went from -4.3 to -11.6. Industries sentiment for autos and chemicals however came in positive. Check out the hardest working countries in the world >
- Fitch warned last night that the U.S. credit rating would be put on negative watch if a debt ceiling deal wasn’t reached by August 2. S&P has assigned the U.S. a negative outlook which means that its AAA rating could be cut in coming years. Don’t miss: The ultimate guide to how the U.S. economy is now identical to Japan >
- Foreign bidders have reportedly expressed interest in the South Korean government’s $6 billion stake in Woori Finance Holdings Co. Ltd. the country’s biggest financial firm. President Lee Myung-bak is looking to privatize Woori to recover taxpayer money used to rescue the financial sector in the Asian financial crisis of the 1990s.
- General Electric executives have said they expect more than $10 billion in orders at the Paris Air Show pushed by orders for its new Leap-X engine.
- Bank of America may sell part of its $21 billion stake in China Construction Bank Corp, the world’s second biggest bank by market value, to raise capital. The bank plans to keep half its shares so it can remain a strategic investor. Here are the 16 strongest banks in the world >
- Existing home sales fell sharply showing a 3.8% month-over-month decline >
- John Paulson’s hedge fund has sold its entire stake in Sino-Forest Corp. costing investors as much as $720 million. The hedge fund disposed of its 34.7 million shares on June 17.
- BONUS: Angelina Jolie was seen visiting two centres housing-asylum seekers on a humanitarian mission in Malta. At least 1,500 refugees fled Libya for Malta this year.
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