Good morning! Here’s what you need to know.
European PMIs are coming. Between 8:15 a.m. and 9 a.m. London time (3:15 a.m. and 4 a.m. ET) European services PMI scores will be rolling out, showing how the dominant sector performed in some major eurozone countries during July. Analysts are expecting a modest slowdown for Italy and Spain.
Telecom Italia is weighing up a reorganisation. Italy’s Telecom Italia SpA is considering merging its OpenAccess business unit that leases its landline network to rivals with its wholesale business to avoid antitrust charges of as much as €4 billion ($US4.35 billion, £2.80 billion), Bloomberg reported on Tuesday.
China is planning to boost high-tech manufacturers. In a statement published on Tuesday, the National Development and Reform Commission (NDRC) said the government would ensure these industries received financial support and would be encouraged to make overseas acquisitions.
Japan wants to know about US spying reports. Japanese Prime Minister Shinzo Abe asked U.S. Vice President Joe Biden on Wednesday for an investigation into possible spying on high-level Japanese government and corporate officials following WikiLeaks’ release last week of a list of spying targets, Japan’s top government spokesman said on Wednesday.
European retail sales are coming. At 10 a.m. London time (5 a.m. ET) we’ll get a look at June’s European retail sales data, and get an indication of how the recovery in consumer spending is going. Analysts are expecting a 0.2% fall on the month, and a 1.9% rise year-on-year.
US regulators want to see the gap between what a CEO and their average employee earns. The Securities and Exchange Commission is scheduled to vote Wednesday to formally adopt the rule, which will compel public companies to disclose the ratio between their chief executives’ annual compensation and median employee pay.
Asian markets are mixed. Japan’s Nikkei leads the pack with a 0.64% climb, followed by Hong Kong’s Hang Seng, which is up 0.19%. The Shanghai Composite, however, is down 1.30% as 0f 6:50 a.m. London time (1:50 a.m. ET).
Boeing reportedly lost a major satellite deal due to the Export-Import Bank closure. Boeing Co is scrambling to find alternate financing for a satellite contract worth “several hundred million dollars” that was scuttled by privately held commercial satellite provider ABS due to uncertainty about the future of the US Export-Import Bank, three sources familiar with the matter said on Tuesday.
United Airlines’ CFO just left for Paypal. United Continental Holdings Chief Financial Officer John Rainey has left the fourth-biggest passenger air carrier in the United States to take up the same role at PayPal Holdings, the companies said Tuesday.
Luxury retailer Neiman Marcus filed for an IPO. Luxury fashion retailer Neiman Marcus Group filed with US regulators on Tuesday for an initial public offering of common stock.