10 Things You Need To Know This Morning

halle berry

Photo: Joe Scarnici/Getty Images for Grey Goose

Good morning. Here’s what you need to know.

  • Asian markets were mostly lower in overnight trading with the Hang Seng down 1.19 per cent on weak corporate earnings. Europe is selling off and U.S. markets have opened lower.
  • Italy sold €7.3 billion of five-year bonds and 10-year notes at a debt auction today. Demand for both notes improved while borrowing costs fell from the previous auction. But yields on the five-year floating rate bond rose.
  • Brazil’s central bank cut its benchmark interest rate to an all-time low of 7.5 per cent. This came after the government announced stimulus measures to boost consumption and investment, and as policymakers continue to worry about the nation’s economic recovery. Brazil’s $66 billion stimulus could signal a shift in its growth strategy >
  • Chinese premier Wen Jiabao said Greece, Spain and Italy need more “comprehensive measures” to prevent a deterioration of the euro crisis. But he did say he was more confident about the euro area after meeting with German chancellor Angela Merkel, and that China would be willing to purchase European government bonds.
  • Initial claims climbed to 374K, higher than expectations. Meanwhile, personal income rose 0.3 per cent, and spending climbed 0.4 per cent >
  • In industry news, Pandora is up 13.1 per cent in pre-market trading after the company reported better than expected earnings. Meanwhile, Barclay’s has named Antony Jenkins its new chief executive officer.
  • Japanese retail sales fell 0.8 per cent year-over-year in July, and 1.5 per cent from the previous month.
  • German unemployment climbed to 2.9 million in August on a seasonally adjusted basis. Unemployment climbed for the fifth straight month as Europe’s debt crisis impacted demand for German exports and because companies put off hiring and investment.
  • The Kansas city Fed’s manufacturing index for August will be released at 11 a.m. ET. Expectations are for a reading of 5. Follow the release at Money Game >
  • After accepting his Republican nomination for vice-president, Paul Ryan took aim at President Obama during his rousing Republican National Convention speech. He has however been criticised for taking liberty with facts.
  • Bonus – Halle Berry has collaborated with German company Deichmann to create her own shoe collection.
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