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Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Shanghai Composite 1.44%. Major European indices are down and U.S. markets have opened in the red.
- PASOK MP Alexandros Athanasiadis has reportedly said that he will vote against the crucial austerity bill next week, bringing the government majority down to 4 seats. New aid for Greece is contingent on budget cuts and tax increases. Meanwhile, it has been reported that there is a €3.5 billion hole in the €28 billion austerity plan. Now here’s a quick guide to who gets crushed if Greece defaults >
- The eurozone sovereign debt crisis, spurred by uncertainty in Greece, has driven bond yields higher. Two-year Portuguese yields rose to 13.71% and Irish two-year yields hit 13.25% per cent. Check out the 15 countries most buried under debt >
- Chinese PMI for June came in at 50.1 just above contraction levels and lower than last month’s 51.6. The number echoes concerns of an economic slowdown across the board in China. Don’t miss: 13 countries that are going to grow like crazy for decades >
- Samsung Electronics is reported to be partnering with steelmaker POSCO for $1.4 billion stake in Korea Express. Major shareholders are selling a 37.6% stake and will select a preferred bidder early July.
- In earnings news, Red Hat Inc beat Q1 earnings expectations and raised its full-year earnings forecast to $0.98 – $1 and revenue range to $1.07 billion and $1.08 billion. Bed, Bath & Beyond’s Q1 net income surged 31% to $180.6 million or $0.72 per share.
- Initial jobless claims came in worse than expected at 429K up from revised 420K last week >
- S&P has downgraded troubled Anglo-Irish Bank to ‘CCC’ from ‘CCC+’ with a negative outlook. Meanwhile responding to a court order, the bank said it is looking to sell $10.3 billion of its loans on U.S. commercial property to clear its debts. Now here’s how Ireland got into this huge mess with Anglo Irish Bank >
- New home sales for May fell less than expected, at 2.1% month-over-month >
- President Obama announced yesterday that he would recall 30,000 troops from Afghanistan. The first troops are expected to be home in July 2011 with 10,000 out by the end of the year. Meanwhile President Obama said the country has spent $1 trillion on war in the last decade.
- BONUS: Heidi Klum was spotted working out with her trainer by Hudson River Park in New York.
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