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Good morning. Here’s what you need to know:
- Asian markets were mostly up in overnight trading. European indices are mostly higher, and U.S. futures suggest a higher open. Now get ahead with 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- Income and spending and consumer sentiment came in better than expected, but ISM manufacturing data came in lower than expected.
- Strong manufacturing data out of China overnight pushed markets higher in Asia. The country’s PMI rose to 53.8 indicating an increase in manufacturing business in the country.
- Germany’s composite manufacturing index fell, however, signaling a slowdown in manufacturing activity. At 55.1, it still remains above the 50 number that would indicate a slowdown. But wait, here’s why it might be time to be bullish on Europe >
- The slowdown in European manufacturing is not exclusive to Germany, with the overall eurozone manufacturing outlook falling as well. Unemployment also remained static in the currency region, at a high 10.1%. Here’s why Europe is doomed to crisis after crisis >
- Ikea has revealed profit data for the first time, with fiscal year profits at €2.5 billion, an 11% increase over the previous year. The firm intends to target further growth opportunities in Asia, but will not expand to India unless it can do so without a local partner.
- The UK’s manufacturing index has tumbled to its lowest point since March 2009 indicating growth is slowing in the country’s export sector. Export orders did, however, fall to the point where it appears the sector is contracting.
- China’s Sinopec is making a $7.1 billion investment in Brazil’s Repsol, the oil and gas company. The deal will see Sinopec own 40% of the Brazilian company. Check out 15 oil and gas pipelines changing the world’s strategic map >
- BP is tying several of its Gulf of Mexico oil fields to the $20 billion fund to support those damaged by the oil spill. This would seem to indicate that the government is allowing BP to be involved in future Gulf oil drilling activities.
- The Ecuadorian president has been saved by soldiers after he was trapped by protesting police officers early this morning. The officers, protesting government austerity measures, were holding the president in a hospital. Check out these amazing photos of the coup >
- Bonus: Heidi Klum is leaving Victoria’s Secret after a 13 year career as a model for the company.