10 Things You Need To Know This Morning

spain protestA man with a head wound tries to calm the crowd of protestors during a demonstration surrounding the Spanish parliament to protest against spending cuts and the government of Mariano Rajoy.

Photo: (Photo by Denis Doyle/Getty Images)

Good morning. Here’s what you need to know.

  • Asian markets sold off in overnight trading with the Nikkei down 2.03 per cent, falling to a two-week low. Europe is selling off and U.S. markets opened flat.
  • Two of Greece’s largest labour unions have gone on strike today. This is the first massive anti-austerity strike since the coalition government took power, according to Reuters. Check out photos of the massive protests rocking Greece and Spain >
  • After massive protests yesterday, demonstrators are back on the street in Spain as well. Prime minister Mariano Rajoy is prepared to ask for a bailout but only if borrowing costs stay high for a long period of time. Meanwhile, Spain is also grappling with another crisis as Catalonia announced elections and wants to hold a referendum on seceding from Spain.
  • The Shanghai Composite tumbled 1.24 per cent falling to fresh 3.5 year-lows. The index dipped below the 2,000 level according to CNBC and Chinese stocks are expected to take further hits in coming weeks. Don’t Miss: Everything you need to know about Xi Jinping, China’s president-in-waiting >
  • Germany sold €3.19 billion of bonds maturing in 2022, short of its €5 billion target. Borrowing costs also increased at the auction.
  • New home sales for August will be released at 10 a.m. ET. Economists polled by Bloomberg expect a rise in new home sales to an annual unit rate of 380K. Follow the release at Money Game >
  • The German cabinet ratified the European Stability Mechanism, the latest bailout fund to help rein in the European debt crisis. Germany is the last member of the eurozone to ratify the ESM. Now here is what Citi thinks will happen to the global economy through the next three years >
  • Barnes & Noble is planning two new versions of the Nook tablet. It will release a seven-inch tablet for $199, and a nine-inch tablet for $269.
  • Radioshack’s CEO James Gooch has stepped down. CFO Dorvin Lively is acting as CEO while the company looks for a successor for Gooch.
  • Mortgage applications climbed in the last week after the Federal Reserve loosened stimulus policies earlier this month. Mortgage application activity was up 2.8 per cent last week, while refinancing applications climbed 3.3 per cent to a six-week high.

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