Good morning. Here’s what you need to know.
- Asian markets were up in overnight trading with the Nikkei rising 2.25%. Europe continues to trade higher today, after central banks announced co-ordinated dollar liquidity injections yesterday. US markets have opened higher.
- European officials are meeting in Wroclaw, Poland to discuss eurozone debt issues and the implementation of the EFSF. Speaking in Poland, U.S. Treasury secretary Tim Geithner said the euro needs to ‘choose’ to fix its problems. Meanwhile, Greece is reportedly violating the terms of its bailout agreement more than previously thought. Reminder: Here’s who gets crushed if Greece defaults >
- Eurogroup President Jean-Claude Juncker and European commissioner for economic and monetary affairs Olli Rehn are speaking in Poland. Rehn has said the EFSF will be passed by the end of September or October and Juncker added that everyone reached an agreement on the pricing of future EFSF loans.
- German chancellor Angela Merkel reiterated her opposition to Eurobonds but said Germany must contribute to Europe. Meanwhile, Bloomberg reported that a Bank of America poll showed that 40% of investors expect a partial Euro break-up, but Bank of America believes the likelihood is lower than that. Check out the countries most likely to default >
- S&P has put UBS’ A+ credit rating on CreditWatch with negative implications, after UBS alleged rogue trader Kweku Adoboli lost the bank $2 billion. The rating’s agency said this is a setback to UBS’ reputation and comes after Moody’s warned yesterday that it could cut UBS’ ratings. Check out the most notorious rogue traders in history >
- Blackberry maker RIM missed estimates when it reported earnings of $0.80 per share, against expectations of $0.88 per share, on revenue of $4.2 billion. It shipped 10.6 million Blackberry’s against expectations of 11.9 million. The stock is down nearly 20%.
- Goldman Sachs has announced that it will be shutting down its Global Alpha fund in the coming weeks, after the hedge fund performed worse than other hedge funds that rely on computer programs that drive trade strategies. This comes after its management shake-up.
- The Indian central bank raised its repurchase rate from 8% to 8.25% as inflation rose 9.78% year-over-year in August. This is the 12th increase since March 2010 and comes after Brazil and Russia cut interest rates, while China paused tightening, on concerns that the global economic recovery is faltering.
- Private equity firm Silver Lake is reportedly considering a bid for Yahoo Inc. As part of the deal it would sell off Yahoo’s Asian unit and then turn around its main operations.
- Consumer sentiment data for September beat expectations at 57.8 >
- BONUS – January Jones gave birth to baby boy Xander Dane Jones.
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