Good morning. Here’s what you need to know.
- Asian markets were mostly higher in overnight trading, but the Shanghai Composite closed down 0.19 per cent on growth concerns. Europe is selling off, and U.S. stocks have opened higher.
- S&P has cut its 2012 eurozone growth forecast to -0.8 per cent in 2012, and expects growth to stay flat in 2013. Spanish GDP is expected to to contract 1.4 per cent in 2013.
- S&P also cut growth forecasts across Asia. It lowered its Chinese growth forecast to 7.5 per cent, and Indian GDP is projected to grow 5.5 per cent in 2012. Don’t Miss: China crash 2012 – here’s why it’s finally happening >
- Yahoo CEO Marissa Mayer is expected to announce her strategy for turning the company around today. She is also expected to announce changes to the way Yahoo compensates its employees. Now here is Marissa Mayer’s plan to save Yahoo >
- Caterpillar cut its 2015 earnings forecast to $12 – $18 per share in 2015. This is down from the $15 – $20 per share range. This is what the world’s 14 most important commodities will do >
- The S&P Case-Shiller home price index climbed 1.2 per cent year-over-year in July. The FHFA house price index for July is out at 10 a.m. ET. Consensus is for a 0.8 per cent month-over-month rise in the house price index. Follow the release at Money Game >
- Tesla shares are diving this morning after the company issued a sales and production warning. The company now expects 2012 revenue of $400 – $440 million, this is below Wall Street expectations of $542.6 million.
- Spain is expected to witness massive ‘Occupy Congress’ protests today. The protestors want new elections and will be demonstrating against austerity measures.
- Consumer confidence and the Richmond Fed manufacturing index for September are out at 10 a.m. ET. Consensus is for consumer confidence to rise to 64.8 and the Richmond Fed manufacturing index is expected to rise to -4. Follow the release at Money Game >
- Iran test-fired four missiles aimed at a sea-target in the Persian Gulf, according to an Iranian publication. The missiles destroyed their targets in 50-seconds.
- Bonus – Mila Kunis and Ashton Kutcher were seen in New York.
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