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Markets are called to open higher this morning. This is what's happening today:
• ECB’s Nowotny Says Europe’s ‘Good News’ Removes Rate Cut Need
• JPMorgan Said to Face London Whale Fines as Soon as Next Month
• Nokia Debt Cut Further Into Junk by Moody’s on Cash-Flow Concern
• Asian Stocks Rally to Pare Weekly Decline
• China Mobile to Award Third of 4G Expansion to European Cos.: DJ
• Merkel Warns SPD Tax Plans Could Upend Germany’s Labor Market
• KKR, Permira Seek Gradual ProSiebenSat.1 Stake Sale: Reuters
• BNP Paribas Offloads Risk in First Commodity Loan Securitization
• Record Southern Europe Bank Rally Threatened by Economy Woes
EARNINGS All times CET, estimates where available:
• Vopak (VPK NA) pre-mkt, 1H adj. net EU170.3m
• FLSmidth (FLS DC) 8am, 2Q adj. net DKK255.1m
• Afren (AFR LN) 8am, 1H adj. net $109.5m
• Berendsen (BRSN LN) 8am, 1H adj. EPS GBP0.25
Asian stocks climbed, trimming the enchmark index’s worst decline since June, and bond risk fell rom a two-month high on improving economic signals from around
he world. The yen slid and South Korea’s won advanced.
Data from a drop in American jobless claims to better-than-expected expansions in European and Chinese manufacturing are fueling optimism about the global economy amid speculation Federal Reserve stimulus will be cut next month. Sales of new homes in the U.S. probably held near the five-year high in June, according to a Bloomberg News survey before the figures today.
Germany’s economic growth in the econd quarter was driven by consumption and a rebound in nvestment as a recovery in the 17-nation euro area, its biggest rading partner, bolstered confidence.
Stock to watch: Tesla
When Bem Ho discovered the minivan he drives doesn’t earn him much respect, he ordered a set of wheels that will turn more heads: a Model S electric sedan from
Tesla Motors Inc.
“I’m getting sick of driving my van because when people see the car they always think I’m a chauffeur,” said Ho, who runs an apparel manufacturer in Hong Kong. “It’ll be like a talking point when you go out: ‘Oh that’s an electric car.’”
Ho is among the 300-plus Hong Kong residents who have made refundable deposits of HK$39,000 to HK$330,000 ($5,000-$42,500) to reserve a Model S, even before the company has said how much the cars will cost. That’s more orders than Tesla has seen in the U.K., Japan or Australia, sales manager Kenneth Lui said.
The Hong Kong success may bode well for the Palo Alto, California-based company in mainland China, where it plans to open a Beijing showroom this year.
Good day and happy trading!
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