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Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading but the Shanghai Composite rose 0.32 per cent on speculation that policymakers would enact measures to boost stocks. Europe is selling off and U.S. markets have opened lower.
- German business confidence fell to 101.4 in September, against expectations of a rise to 102.5. That’s the fifth consecutive monthly decline.
- Homebuilder Lennar Corp beat expectations when it reported earnings of $0.40 per share. It’s CEO said the “housing market has stabilised and the recovery is well underway”. 10 states where you can get unbelievable deals on foreclosed homes >
- Apple has asked for an additional $707 million in damages from the lawsuit it won against Samsung last month. Apple has also asked for a permanent U.S . sales ban on Samsung electronics gadgets. Samsung meanwhile is asking for a new trial.
- The cover of this weekend’s Barron’s titled ‘Facebook is worth $15’ has pushed the stock price lower. The stock is down about 4.5 per cent in pre-market trading, after the publication said Facebook is trading at a PE of 48.
- The Greek government’s budget deficit is €20 billion, larger than expected according to German publication Spiegel Online. Greece will only receive its next tranche of bailout funds if it can meet its deficit target.
- Three Chinese boats entered disputed waters in the East China Sea today after weeks of tensions over the disputed Senkaku-Diaoyu islands. Japan lodged an official protest and Japanese vice foreign minister Chikao Kawai is expected to have visited China to smooth over Sino-Japanese relations. Don’t Miss: Why a tiny, uninhabited island chain is causing a huge row between China and Japan >
- The Dallas Fed manufacturing survey for September will be out at 10:30 a.m. ET. Consensus is for a rise in the business activity index to a reading of 0.5. Follow the release at Money Game >
- The Foxconn factory in China, which is famous for assembling Apple products, has reportedly been shut down after a riot involving 2,000 workers broke out at the plant.
- North Korea is expected to reveal major agricultural reforms. Farmers will reportedly be allowed to keep half their crop. The reform is expected to be part of efforts to avoid famines seen in the ’90s. Now see why South Korean farmers are 40 times more productive than Chinese farmers >
- Bonus – Claire Danes won the Emmy award for best actress in a drama series.
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