Good morning! Here are the 10 things you need to know in markets today.
Chinese stocks are falling for a second day running. Shanghai shares fell more than 5% on Wednesday morning, extending their largest daily fall in more than three weeks on concerns of waning government support.
Other Asian markets are also lower. Japan’s Nikkei is down 1.49% at time of writing and the Hong Kong Hang Seng is 0.8% lower.
Minutes from the Federal Reserve’s July meeting are due at 7 p.m BST (2 p.m ET) today. They could provide more clarity on when exactly the Fed plans to hike short-term interest rates.
Germany’s Bundestag is today voting on the latest Greek bailout deal. Attention will be focused on how many MPs rebel against the motion, with the BBC estimating as many as 100 could vote against it.
Fitch Ratings has raised its credit rating on Greek debt from ‘CC’ to a slightly less brutal ‘CCC.’ These ratings are both well below investment grade.
US activist investor Harris Associates has reportedly raised its stake in commodities giant Glencore ahead of half-year results today. The Telegraph reports that Harris now owns 4.5% of the company, worth £1 billion ($US1.57 billion) at the current share price.
Asda has delivered its worst sales performance in its 50-year history, after being hit by the escalating price war among the biggest supermarkets. The Financial Times reports that the Walmart-owned group said sales from stores open at least a year fell 4.7% in the 11 weeks to June 30.
Bank of New York Mellon has been fined for giving internships to the kids of government officials affiliated with a Middle Eastern sovereign wealth fund in an alleged effort to win business. The SEC said on Tuesday that without admitting or denying wrongdoing, the bank agreed to pay a $US14.8 million (£9.45 million) penalty.
Google has launched a WiFi router. The Internet giant touted OnHub, a partnership with TP-LINK networking product manufacturer, as a “different kind of router for a new way to WiFi.”
Japan’s trade deficit fell a less-than-expected 72.3% year-on-year in July due to falling energy costs and a pick-up in exports. The finance ministry announced on Wednesday that the deficit fell to 268.05 billion yen ($US2.15 billion, £1.37 billion), against 966.5 billion yen a year earlier.
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