Good morning. Here’s what you need to know.
- Asian markets sold off moderately in overnight trade, with Hong Kong’s Hang Seng down 1.1 per cent. European shares are higher while U.S. futures point to a negative open.
- Chinese property prices were flat in June, ending eight consecutive months of decline. Data from the National Bureau of Statistics showed increases of 0.3 per cent and 0.2 per cent for Beijing and Shanghai, respectively. Here’s how China is stimulating all over the place >
- The Bank of England’s Monetary Policy Committee voted 7-2 to increase stimulus and could consider lowering interest rates, minutes of the July 4 and July 5 meeting released today show.
- U.K. unemployment eased to 8.1 per cent in the quarter through May, a nine month low. The number of jobless Britons declined by 65,000 to 2.58 million.
- Germany sold two-year notes at a negative yield for the first time. The government sold €4.173 billion at an average yield of -0.06 per cent.
- Intel cut its full year revenue forecast as weakness in mature consumer markets persists. The chip maker says it now expects full year revenue to grow between three and five per cent, or as much as $1 billion below earlier forecasts. Click here to see the state of the smartphone industry >
- Yahoo beat earnings expectations yesterday, a day after the company named Marissa Mayer as its new CEO. Yahoo said net income was down slightly from the year ago period to $226 million, or $0.27 a share. Click here to see the impressive career of Marissa Mayer >
- Housing starts accelerated at a faster than expected pace in June, up 6.9 per cent to an annual pace of 760,000 units. Meanwhile building permits declined 3.7 per cent to a 755,000 clip. The Fed’s Beige Book is out at 2 p.m. Follow it all live on Money Game >
- Bank of America reported better-than-expected earnings this morning at $0.19 a share. Revenue missed expectations however. Still on tap today: American Express and IBM. Consensus is for American Express and IBM to report earnings of $1.09 and $3.43 a share. Here’s what companies are already telling us about the economy >
- Syria’s defence minister, Daoud Rajha, was killed in an explosion, the country’s state television says. The bomb detonated during a meeting of top officials in Damascus.