Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading, with the Nikkei down a notable 0.81%. European indices are down this morning, and U.S. futures suggest a lower open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market >
- Oil and copper futures are falling significantly this morning, while the euro is plummeting. Follow up to the minute markets coverage at Money Game >
- President Obama has fired off a salvo of new programs in a bid to revive his party’s political fortunes prior to November. They include tax cuts for business investment and aid to underwater homeowners.
- Australia’s election has resulted in a narrow victory for the country’s labour party. The result is likely to see a limited mining tax return to the country’s agenda. Reminder: Here are the big issues of the Australian election >
- China is trying to mitigate concerns that it is only a global exporter by displaying the size of its import consumption. The country is worried about potential protectionism, which would stymie its economic growth. Here are the 10 Chinese brands set to rule the world by 2020 >
- AIG is set to seek approval on September 21 to list its Asian life insurance business in Hong Kong. The aim is to raise around $15 billion for the 80% government owned company.
- The International Atomic Energy Agency is reporting that Iran has raised the amount of uranium it has by 15%. Iran now has the potential to make three atomic bombs with this material, if it enriches it further. Here are the threats the U.S. Air Force is worried about right now >
- Factory orders in Germany have fallen a surprising 2.2% from June to July. The expectation was for a modest 0.5% gain, so this may indicate a slowdown in the German economy.
- Concerns are rising about the health of Eastern European countries Hungary, Romania, and Serbia as they have been unable to sell government debt at auction on several occasions. The three countries are currently receiving IMF assistance.
- UK banks Barclays and HSBC are revamping their front offices, with Barclays turning to investment banking head Bob Diamond to run the entire company. HSBC’s current chairman, Stephen Green, is leaving the company to take a position in David Cameron’s government.
- Bonus: Kourtney Kardashian is aiming to open a new shop in New York, after her two DASH boutiques have been successful in Miami and California.
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