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Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Nikkei down 1.04%. Major European indices are mixed and U.S. markets have opened in the green.
- Greek lawmakers began debating new austerity plans today, ahead of the austerity vote on Wednesday. Prime minister George Papandreou has a 1-vote margin to pass the €28 billion in spending cuts and tax increases, so the country can receive the latest tranche of loans. Refresher: A quick guide to who gets crushed if Greece defaults >
- With the vote on austerity measures in Greece looking uncertain and the risk of default, investors are dumping peripheral debt. Portuguese 2-year debt is up to 14.547% and Ireland is near 14%. Check out the 15 countries that are buried under the most debt >
- President Nicolas Sarkozy has said French banks are working on an agreement to roll over 70% of their holdings of Greek debt between now and 2014. The agreement is expected to be voluntary and Sarkozy hoped other countries would follow suit.
- Chinese Premier Wen Jiabao has promised to buy Hungarian government debt and Hungary’s currency appreciated on the news. The yield on government bonds maturing in 2022, however stayed at about 7.47%. Now here are 18 facts about China that will blow your mind >
- The European Commission is considering expanding its revenue-raising powers that would include EU wide taxes. The Tobin tax which would tax financial transactions is opposed by Britain but the Commission is dependent on national capitals to meet its €126 billion spending bill.
- More terrible economic data from the UK. House prices fell again in June and the average cost of a home slipped 0.1% from the previous month, while they were down 3.9% from a year ago.
- HSBC is merging its wholesale and investment banking business with Saudi British Bank’s SABB securities. SABB would control 51% of the newly formed HSBC Saudi Arabia. The merger is expected to be completed by the end of the year. Now here are the 16 strongest banks in the world >
- Personal income grew a weaker than expected 0.3%, while spending stalled at 0% >
- President Obama is stepping into the debt ceiling debate today. He is set to meet with Senate Majority leader Harry Reid and Senate Minority leader Mitch McConnell. GOP officials continue to push for debt-reduction especially in the Pentagon budget. Check out 20 huge spending cuts republicans want to make right now >
- BONUS: Rachel Weisz and Daniel Craig who costar in upcoming movie Dream House, got married in upstate New York.
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