10 Things You Need To Know This Morning


Good morning! Here’s what you need to know:

  • Most markets in Asia surged overnight, hitting a two-year high. Japan’s Nikkei was a notable exception. Europe however slumped, possibly due to comments from Joe Stiglitz, and the euro went lower. The US is heading down as well. Now get ahead with 10 Unusual Stocks Attracting Huge Interest In The Pre-Market >
  • The State Department’s decision to issue a travel warning for due to terrorism Europe is dominating the news. It’s possible this will introduce some jitters into the market. Click here for a guide to America’s huge threats for the coming 25 years >
  • Goldman has taken out the hatchet, issuing a downgrade for Microsoft, and reducing EPS estimates. The company warned that the “status quo” could not be maintained if the company is to create value for shareholders.
  • Two-year yields hit a record low of 0.375%.
  • In Ireland, the central bank has come out with a very dour outlook for the economy. It sees GDP growth of 0.2% vs. the government’s estimate of 1% and a previous forecast of 0.8%. Obviously this has implications for the country’s ability to get its fiscal situation under control. Irish 10-year yields, however, are narrowing. See here for background on how Ireland got into its economic crisis >
  • The reverberations from Basil III are still being felt. The Swiss government is mandating that large banks hold much more capital than they’re required too in order to protect the Swiss economy. UBS and Credit Suisse will have to raise billions more, as their capital requirements double.
  • Chinese Premier Wen Jiabo told CNN this weekend that China was determined to expand its domestic consumption, but he stopped short of making any promises regarding the yuan. He accused US politicians of politicizing (and not understanding) the trade balance between the two countries. He also pledged support for Greece and the euro, though he telegraphed those moves earlier in the week. See why Chinese real estate may be the most obvious bubble ever >
  • French pharma giant Sanofi-Aventis is going hostile in its $18.5 billion bid for Genzyme.
  • Expect further fallout from foreclosure-gate. Politicians and attorneys general will step up their efforts against banks and foreclosures, following the news that Bank of America is halting foreclosures in 23 states.
  • The Democrats have momentum? POLITICO notices that polls in several states show it might not be a total wipeout for Democrats in November, though it will still be pretty horrible. As for the Dems’ competition, see here for some great quotes from Tea Partiers >
  • BONUS: Hilary Duff’s husband — hockery player Mike Comrie — is refusing to pay his bills on a $165K Mercedes, according to TMZ.

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