Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Shanghai Composite down 1.11%. Major European indices are up and U.S. markets have opened in the green.
- The Greek parliament has passed its austerity package. Read about it here >
- The UK’s Financial Services Authority is pressuring banks to use earnings to build capital and outline a “flight path” that will make them compliant with new Basel III capital requirements. Check out the 16 strongest banks in the world >
- Japan’s industrial production rose at its fastest pace in over 50 years. Factory output increased 5.7% in May from the previous month and output in the transportation industry rose 36% for the same period. Meanwhile Irish jobless claims rose in June, and the unemployment rate came in at 14.2%. Don’t miss: The hardest working countries in the world >
- In commodities news, crude oil futures have rallied on expectations that OPEC may curb output, after the IEA announced that it would release an additional 60 million barrels of oil. Now here is a former BP exec’s presentation on why peak oil is real >
- Bank of America has announced a $8.5 billion settlement with investors that include BlackRock Inc. and the Federal Reserve Bank of New York, over claims that mortgage-backed securities it sold failed to meet underwriting requirements and other guidelines.
- BJ’s Wholesale Club, Inc. announced that it entered into an all-cash $2.8 billion definitive agreement to be acquired by affiliates of Leonard Green & Partners, L.P. and funds advised by CVC Capital Partners. BJ’s shareholders will receive $51.25 a share, for each share of BJ’s common stock that they hold.
- Deutsche Boerse has formally asked European Union regulators to approve its $9.2 billion bid to buy NYSE Euronext. This comes after EU’s competition chief said in March that he would review the complex deal that would give the organisation control over 90% of region’s exchange-traded derivatives market, and about 30% of European stock trading.
- President Obama will hold a press conference today after he officially stepped into the heated debate on the debt ceiling. He is expected to meet with Democratic Senate Majority Leader Harry Reid after the press conference. Don’t miss: A guide to Obama’s plan to cut the deficit >
- Pending Home Sales crushed expectations with 8.2% month-over-month growth >
- BONUS: Rachel McAdams and boyfriend Michael Sheen were spotted on the subway in Canada.
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