Good morning! Here’s what you need to know.
Greece reached a final deal. Greece and international creditors agreed on a new multi billion euro bailout deal on Tuesday, a finance ministry official said, in an accord which will keep the country in the eurozone and avert bankruptcy.
Google just announced a colossal overhaul of its business. In a press release sent out Monday afternoon, cofounder and CEO Larry Page renamed and reorganized the company. Google has been turned into a subsidiary of a bigger company called Alphabet, of which Page will be CEO.
Sundar Pichai is Google’s new CEO. Many are still unfamiliar with Google’s new chief executive, who first joined Google in 2004 and eventually worked his way up to be Page’s right-hand man. Originally from Tamil Nadu, one of India’s 29 states, Pichai was formerly Google’s Chrome and Android chief.
China just devalued its currency. The Peoples’ Bank of China set the yuan midpoint at 6.2298 to the dollar, 1.85% weaker than the 6.1162 level of Monday. In statement posted on its website, the PBOC noted that effective today, the midpoint for will now be determined by market maker quotes along with the closing level.
Japan just returned to nuclear energy after a four year break. A power plant operator in southern Japan restarted a nuclear reactor on Tuesday, the first to begin operating under new safety requirements following the Fukushima disaster.
German economic sentiment is coming. The ZEW survey of German economic confidence is out at 10 a.m. London time (5 a.m. New York). Analysts are expecting an improvement in the August survey, with a rise to 32, which will still be below the highs seen earlier this year.
Citigroup settled over a defunct hedge fund. Citigroup agreed to pay $US13.5 million (£8.67 million) to settle a lawsuit accusing the bank of deceiving investors into remaining in its Corporate Special Opportunities hedge fund, only to suffer big losses when the fund was liquidated in November 2008, court papers filed on Monday show.
Sales at Kraft and Heinz fell in their first merged results. Kraft Heinz, formed from the merger of Ketchup maker Heinz Co and packaged food company Kraft, said sales fell 4.9% at Kraft and 4.1% at Heinz in its first quarterly results as a combined company.
Singapore just recorded its worst quarter for GDP in three years. Singapore’s economy contracted during the June quarter of 2015 with the government reporting a decline of 4.0%.
Asian markets are mixed. As of 6:50 a.m. London time (1:50 a.m. ET) the Shanghai Composite is flat, down 0.09%, Hong Kong’s Hang Seng is up 0..84% and Japan’s Nikkei is down 0.45%.