Photo: Wikimedia Commons
Good morning. Here’s what you need to know:
- Asian markets were lower in overnight trading, with the Nikkei down 2.18%. European indices are mixed in early trading, and U.S. futures suggest a higher open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market >
- The Federal Reserve releases its Beige Book report today at 2:00 PM ET. Follow up to the minute coverage at Money Game >
- Chinese authorities may be investigating the amount of properties left vacant in the country as a result of its rapid housing expansion. Some reports suggest vacant properties could house, comfortably, 200 million people. Here are the 10 bubbles you should be watching right now >
- The Chinese state chemical company Sinochem is attempting to partner with the Singaporean sovereign wealth fund Temasek in an effort to buy a stake or the entirety of Potash. The bid would counter that made by BHP Biliton, which was for $39 billion. Here are the companies BHP should consider to buy, rather than Potash >
- Korean state oil company KNOC has seen its bid for Dana Petroleum rejected. The deal, valued at $2.57 billion, was below KNOC’s hopes and they may expect a follow up higher bid.
- German exports declined in July over June, down 1.5%, lower than expectations. Exports still rose over July 2009, up 18.7%.
- Greece’s Q2 GDP growth has been lowered to negative 3.7% from the earlier negative 3.5% estimate. The country has also failed to reveal to the EU how it hid debt prior to its bailout.
- Ireland continues to be under pressure this morning and its bond yields are continuing to spike as a result. The yield on 10-year Irish debt is now 6.18%, and the spread against the German Bund is the biggest ever, now 396 basis points. Here’s how Ireland got into this mess >
- BP has released the report on the explosion of the Deepwater Horizon Well. The company takes some blame, but certainly not all.
- President Obama is set to announce new economic plans this evening that will include tax cuts for businesses. The President remains, however, opposed to the extension of the Bush tax cuts.
- Bonus: The man who stole Kirsten Dunst’s purse is being sentenced to 4 years in prison. The theft occurred in the Soho Grand Hotel.