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Good morning. Here’s what you need to know.
- Markets in Asia sold off in overnight trade, with China’s Shanghai Composite off 0.9 per cent. Shares in Europe are sharply lower and U.S. futures point to a negative open.
- Chinese new home prices fell in 19 cities from a month earlier, new data from the National Bureau of Statistics shows. Half of the 70 cities tracked saw prices increase, which was lower than the 49 areas that recorded gains in July. China Crash 2012: Here’s why it’s finally happening >
- Spain sold €4.6 billion worth of 12- and 18-month debt in an auction this morning, slightly above maximum targets. Demand was tepid while yields on the one year notes fell to 2.835 per cent.
- German investor confidence increased for the first time in five months. The Zew survey improved to -18.2 from -25.5 a month earlier. Morgan Stanley: The world economy is stuck in a twilight zone.
- Inflation in the U.K. eased to an annual pace of 2.5 per cent, in line with forecasts. The Office of National Statistics said the 10 basis point drop was attributable to lower price increases of gas and furniture.
- Toyota will suspend some Chinese manufacturing operations as anti-Japanese protests grow, Japan’s Kyodo news agency first reported. Meanwhile, Ford has reached a tentative agreement with the Canadian Auto Workers union. The four-year labour contract ends the possibility of strikes at the auto maker’s Canadian plants.
- AMD’s CFO resigned after the closing bell yesterday, sending shares down more than eight per cent. Thomas Seifert said he would leave to pursue other opportunities after spending three years with the chip maker.
- The second quarter current account deficit narrowed to $117.4 billion, better than expectations for a $125 billion print. At 10 a.m. the National Association of Home Builders Housing Market Index will be released, with consensus for an increase to 38. Follow it live on Money Game >
- FedEx will report earnings before the opening bell, with expectations for the shipping giant to post earnings per share of $1.40 on sales of $10.7 billion. Two weeks ago the firm issued a profit warning, which has dampened forecasts. Click here to see the 20 biggest trends that will dominate the U.S. economy >
- Mitt Romney was hit by a leaked video yesterday where he said 47 per cent of Americans will vote for President Obama “no matter what” because they are dependent on the government. Romney held a press conference afterwards to address the remarks, saying they were “not elegantly stated.”
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