Photo: (AP Photo/Daniel Munoz, Pool)
Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading. The Shanghai market got slammed, down 2 per cent. European markets are headed lower, with the Spanish IBEX down 0.9 per cent and the French CAC 40 down 0.6 per cent.
- A territorial dispute between China and Japan escalated quickly over the weekend, causing Japanese companies to shut down their China factories over fear of unrest and anti-Japanese sentiment. Click here to see the craziest images from the protest >
- There is a dispute between the U.S. Treasury and General Motors over the government’s stake in the automaker. GM is pushing the Treasury to sell the rest of its shares back to GM, ending government assistance, but the Treasury is unwilling to take a loss on its investment.
- The U.S. is planning on filing a complaint against China with the World Trade organisation over the latter’s export subsidies for cars and car parts. The U.S. claims these subsidies undermine U.S. competitiveness and force outsourcing of U.S. manufacturing.
- Spanish Finance Minister Luis de Guindos resisted further austerity measures in a speech this weekend, saying that the current reform program was ambitious enough. This comes at a time when tension between the Spanish government and troika lenders threatens to jeopardize the eurozone’s new bailout plan. All Of Europe Is Waiting For Spain To Request A Bailout — Here’s Why It Could Be A Long Time >
- According to AT&T, the iPhone 5 is the best selling iPhone of all time.
- The Reserve Bank of India cut its cash reserve ratio to 4.5 per cent from 4.75 per cent in an attempt to inject life into its ailing economy. However, the central bank left its benchmark repo rate unchanged at 8 per cent.
- The United States and its allies launched a big naval exercise in the Persian Gulf this weekend in a sign of escalating tensions with Iran. The exercise will continue for 11 days but will not venture into the Strait of Hormuz, a crucial oil chokepoint controlled by Iran.
- At 8:30 AM ET, we get the latest Empire Fed manufacturing index. The consensus survey is for a -2 reading after a -5.85 reading last month. See the numbers LIVE at Money Game >
- Chicago Mayor Rahm Emanuel said he would sue to end a contentious teacher strike over the weekend. This follows strikes that led to no classes all last week in the city’s public school system.
- Bonus: It’s looking like Kate Middleton is about to become a lot more famous all over the world.
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