Good morning. Here’s what you need to know.
- The Japanese Nikkei tumbled 1.6 per cent led by natural resources stocks as world growth concerns weigh on investors. Europe is posting nice gains led Spanish stocks, and the U.S. is bouncing back after a rough day yesterday. The Chinese Stock Market Sinks To A Post-Crisis Low >
- The big story today is the Federal Reserve’s Jackson Hole summit of central bankers, where Ben Bernanke will be speaking at 10:00 a.m. Investors are eager to hear additional hints of stimulus measures to be taken soon after a dovish-sounding August FOMC minutes last week. Follow the speech live at Money Game >
- The euro-area unemployment rate rose to record highs in July, but was flat after June’s numbers were revised higher. Inflation across the eurozone also rose from 2.4 per cent to 2.6 per cent.
- Bild reported last night that Bundesbank president Jens Weidmann has considered resigning several times over the ECB’s bond buying plan that is expected to be unveiled September 12. However, he apparently has chosen not to do so.
- German retail sales missed big in July, falling 1.0 per cent year-over-year in July versus expectations of a 0.1 per cent gain.
- A Tokyo court ruled against Apple in its patent infringement case with Samsung today. This follows a ruling by a U.S. court earlier this week that Samsung did indeed infringe on Apple patents. These Are The 6 Apple Patents Samsung Violated >
- The ECB is expected to obtain the sole power to grant banking licenses in the euro area at their next meeting on September 12. This will widen the ECB’s influence on banking matters in the eurozone at a time of extreme industry duress. The Basic Arithmetic Behind Investors’ Biggest Fear In Europe >
- Leading Japanese investment bank Nomura is planning an additional $1 billion in cost cuts. The cuts are expected to be focused on jobs outside Japan. How A Land Dispute Between Japan And Korea Could Be Sparked All Thanks To Low Market Volatility >
- India’s GDP report beat expectations today, coming in at 5.5 per cent growth versus forecasts of 5.2 per cent. However, analysts were concerned about the sharp slowdown in services growth.
- Chicago PMI is out at 9:45 a.m. and University of Michigan Consumer Confidence is out at 9:55 a.m. Expectations are for readings of 53.2 and 73.6, respectively. Follow the releases live at Money Game >
- Bonus – Victoria’s Secret model Alessandra Ambrosio was spotted in a Los Angeles park with her 3-month old son.
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