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Good morning. Here’s what you need to know.
- Markets in Asia were mixed in overnight trade, with Japan’s Nikkei off 0.7 per cent. Shares in Europe are moderately lower while U.S. futures point to a positive open.
- New Chinese loans surged above estimates in August, updated data from the country’s central bank shows. The country’s banks wrote 703.9 billion yuan worth of new loans, or $111.07 billion, during the month.
- The Netherlands sold €2 billion worth of 10 year debt at a record low yield of 1.846 per cent. The auction comes just a day before the country’s general election.
- Germany’s Constitutional Court said it would not delay its ruling on the legality of the European Stability Mechanism, the euro zone’s bailout fund. The court will rule on the ESM and the regional fiscal compact tomorrow.
- Deutsche Bank said it would cut costs by €4.5 billion as it works to achieve a return on equity of 12 per cent by 2015. The bank plans on selling at least 40 properties and will re-review compensation for some employees. Here are the biggest layoffs of the year so far.
- Burberry warned that second quarter earnings would come in at the low end of analysts’ expectations as sales decelerate, sending shares down 19 per cent. Same-store sales were unchanged, with new store openings fueling a six per cent growth in retail.
- The U.S. Treasury sold $18 billion worth of AIG shares at $32.50 a share. The sale pushes the government to a profit of $12.4 billion on its investment in AIG, even as it still owns 22 per cent of the insurer. The company purchased $5 billion of its own stock. These are the 20 trends that will drive the U.S. over the next decade.
- Facebook Chief Executive Mark Zuckerberg will speak publicly today for the first time since the company’s IPO. The talks will be held at a TechCrunch conference in San Francisco. These are the top 10 things Zuckerberg should talk about >
- The U.S. trade deficit widened from a month earlier, growing to $42.0 billion from a revised $41.9 in June. Economists had forecast the trade deficit would worsen to $44.0 billion.
- President Obama jumped to a six-point lead over Mitt Romney in a new CNN poll following his party’s convention. The CNN/ORC survey showed Obama leading 52 per cent to 46 per cent among likely voters.
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