Good morning. Here’s what you need to know.
- With more European officials talking about bank recapitalizations, global markets are rallying. Asian markets were up in overnight trading, with Hong Kong surging 5.67%. Europe is off of its highs. U.S. stock futures erased gains and markets opened flat.
- Apple founder Steve Jobs passed away last night. Jobs had been suffering from pancreatic cancer and his death comes a little over a month after he resigned as CEO of Apple.
- The Bank of England held interest rates steady but announced QE2, via additional asset purchases of £75 billion, bringing the total to £275 billion. This comes after the U.K. posted lower than expected GDP growth rate yesterday. Now here are the IMF’s ugly growth prospects for countries around the world >
- The European Central Bank kept interest rates steady and ECB president Jean Claude-Trichet will hold a press conference at 8:30 AM ET. The ECB is expected to lay the groundwork for future rate cuts.
- German Chancellor Angela Merkel will be meeting with the heads of the IMF, World Bank and the OECD in Berlin today. Merkel recently said that Europe’s rescue fund will only be used as a last resort to save banks and reiterated that time is running out to recapitalize banks. Now here are 10 things that everyone is freaking out about right now >
- German factory orders fell 1.4% in August, against expectations that it would hold steady. The collapse was driven by a 3.2% drop in domestic demand, while foreign orders increased 0.1%.
- Initial jobless claims beat expectations rising to 401K against expectations of 410K. Meanwhile, U.S. retailers will be announcing same-store sales through the day. Follow the release at Money Game >
- Troubled Franco-Belgian bank Dexia will reportedly be nationalized by Belgium, and the stock is down about 10% today. This comes after Belgium warned France that it would not solely rescue Dexia. The bank’s board was expected to meet in Paris on Saturday to vote on a break-up plan. Check out the 13 banks with the most exposure to the PIIGS >
- Liquor maker Constellation Brands reported Q2 earnings of $0.77 per share, against expectations of $0.66 per share. Net sales fell 20% to $690 million.
- President Obama’s disapproval rating has hit an all-time high of 55%, according to a new poll from Quinnipiac University. 64% of those polled disapproved of his handling of the economy, and 43% trust Congressional Republicans with the economy, compared with 41% that trust the President. Check out the best presidential ad campaigns of all time >