Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading with the Shanghai Composite down 0.96 per cent hitting another new post-crisis low. Europe is selling off and U.S. markets have opened flat.
- During last night’s Republican conventions, all eyes were on Ann Romney who delivered her first primetime speech of the 2012 campaign. Her speech came soon after Mitt Romney received his official Republican presidential nomination. Don’t Miss: Ann Romney’s speech from the Republican National Convention >
- Hurricane Isaac hit the southeast coast of Louisiana on Tuesday night and has left 250,000 people without power. New Orleans is experiencing flooding and the drainage system is at full capacity.
- In an editorial in German publication Die Ziet, European Central Bank chief Mario Draghi wrote that the ECB would need “exceptional measures” to make its monetary policy effective. Moreover, he wrote that it would be in Germany’s best interest to move the EMU towards closer fiscal, political and economic integration.
- Second quarter U.S. GDP was revised higher to 1.7 per cent >
- In earnings news, Heinz is expected to report earnings of $0.80 per share, and TiVo is expected to report a loss of $0.24 per share. Now here’s how an 8-year old turned his garden into a multi-billion dollar ketchup conglomerate >
- French business confidence is close to a two-year low. A sentiment of factory executives climbed to 90 in August, after July a reading was revised down to 89.
- Italian retail sales climbed 0.4 per cent month-over-month in June, but were down 0.5 per cent year-over-year. Meanwhile, Italian consumer confidence fell to 86 in August, from 86.5 the previous month. Nomura: Italy is quietly getting a whole lot worse >
- Pending home sales for July will be released at 10 a.m. ET. Consensus is for pending home sales index to rise 1 per cent month-over-month. Follow the release at Money Game >
- Spanish economy minister Luis de Guindos has said the government and EU officials are in agreement on terms for creating a bad bank to hold toxic property assets, according to Reuters. The Spanish cabinet is expected to approve the framework on Friday.
- Bonus – Angelina Jolie and Brad Pitt were spotted shopping for toys in France.
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