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- Asian indices were up in overnight trading with the Bombay Stock Exchange surging 2.89%. Major European indices are up and U.S. markets have opened in the red.
- Chinese premier Wen Jiabao has said that China’s inflation is in a controllable range and expects it to fall steadily. Stocks in Shanghai rallied 2.16% on the news. Check out China’s High Speed Rail and the companies that could benefit from it >
- There could be another setback to the Greek bailout. On July 5, the German Constitutional Court will have a formal hearing to decide whether the Greek aid package of May 2010 violated the ‘non-bailout’ clause of the German and European Constitution. Now here are the world’s 15 biggest economies and the risks they face >
- Thomas Robopoulos, a PASOK deputy, has said that he could vote against the austerity plan in Greece. This could bring the government’s margin down to three votes, after MP Alexandros Athanasiadis said yesterday that he would vote against austerity. Meanwhile, Greece has agreed to more spending cuts after the Troika demanded that Athens close a €5.5 billion hole in the austerity plan. Now here’s a quick guide to who gets crushed if Greece defaults >
- EU leaders appointed Italy’s Mario Draghi the new head of the European Central Bank, to replace Jean-Claude Trichet at the end of October. France has been protesting, because Draghi’s appointment would put two Italians on the governing board and no French.
- Q1 GDP was revised up in line with expectations at 1.9% quarter-over-quarter growth >
- Oracle posted Q4 revenue of $10.8 billion up 12% from a year ago beating expectations. Shares of Oracle however fell in after hours trading, as the company failed to calm investor concerns that IT spending has slowed down.
- The IFO’s business climate index for Germany came in at 114.5, a marginal increase from the previous month, but beating expectations of a decline to 113.4. The figures surprised the market after Germany posted weaker economic data. Check out the hardest working countries in the world >
- Durable goods orders for May jumped a better than expected 1.9% but excluding transport was up only 0.6% >
- President Obama and House Speaker John Boehner will have to sort through bi-partisan talks over tax increases and spending cuts, after House Majority Leader Eric Cantor exited talks yesterday. Republicans now fear they wont get the votes needed to pass a deal to avoid default. Now here are 14 horrible things that will happen if the government shuts down >
- BONUS: Kim Kardashian took an x-ray of her derriere to prove that it was real.
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