Chinese Premier Li Keqiang speaks during a meeting with business leaders who will be attending the upcoming Fortune Global Forum, at the Great Hall of the People in Beijing June 5, 2013. The Fortune Global Forum takes place in Chengdu, Sichuan province, from June 6 to 8.
Good morning. Here’s what you need to know.
- Markets in Asia were higher in overnight trading. The Japanese Nikkei 225 rose 0.8%, the Hong Kong Hang Seng gained 2.3%, and the Shanghai Composite advanced 2.0%. European markets are trading higher, led by Spain, currently up 1.5%. In the United States, futures point to a positive open.
- Chinese Premier Li Keqiang was reported by the Beijing News to have said that China’s “bottom line” for economic growth is 7%. Nomura analysts attribute today’s rally in Asia in part to Keqiang’s comments.
- Netflix reported second quarter earnings of $0.49 per share, above estimates for $0.40, and revenues of $1.07 billion, right in line with expectations. The company added 630,000 streaming subscribers in the U.S. during the second quarter, but analysts were hoping the exclusive launch of the fourth season of Arrested Development in Q2 would bring in closer to 900,000 subscribers. Shares are lower in pre-market trading.
- Spanish GDP contracted by only 0.1% in the second quarter of 2013, following a 0.5% contraction in the first quarter, according to the latest data from the Bank of Spain. The economy was aided by growth in exports.
- French industrial morale hit its highest level in over a year in July. The index rose to 95 from July’s 93 reading, topping estimates for a tick up to 94. However, the indicator still remains below its long-term average of 100.
- Eurozone consumer confidence is due out at 10 AM ET. Economists predict the index rose slightly to -18.3 in July from -18.8 in June.
- Freeport McMoRan will report second quarter earnings this morning before the opening bell. Analysts expect the mining giant to announce earnings of $0.41 per share, down from $0.80 a year ago, and revenues of $4.28 billion, down from $4.48 billion a year ago.
- Altria reported second quarter earnings of $0.62 per share, just below consensus estimates for $0.63. Revenues also came in light, at $4.5 billion versus estimates for $4.62 billion. Shares are little changed in pre-market trading.
- New FHFA House Price Index data are released at 9 AM. Economists predict the index advanced 0.8% in May after gaining 0.7% in April. The May data will not reflect the recent surge in interest rates that may have dampened homebuyer activity since then.
- Out at 10 AM are the latest data from the Richmond Fed Manufacturing Index. Economists predict the index rose to 9 in July from June’s 8 reading, suggesting that expansion in regional manufacturing activity is accelerating. Follow all of the data LIVE on Business Insider >
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