- Asian markets were down in overnight trading with the Shanghai Composite down 0.24 percent after weak trade data. Europe is selling off and U.S. futures are modestly lower as well.
- Chinese imports disappointed climbing just 4.7 percent year-over-year (YoY) in July. Meanwhile, exports climbed just 1 percent, down from 11.3 percent. The trade surplus narrowed to $25.1 billion.
- UK building output declined 3.9 percent in the second quarter, down from a previous estimate of 5.2 percent. But the smaller than expected decline in building output suggests that the UK economy could have declined less than expected.
- Import and export prices for June will be released at 8:30 a.m. ET. Consensus is for a 0.1 percent month-over-month (MoM) decline in export prices, and a 0.2 percent MoM increase in import prices.
- The Financial Services Authority said Libor in its present state is "no longer fit for purpose", according to Reuters. The British regulator is pushing for reforms to Libor.
- JC Penney reported a loss of $0.67 per share, much bigger than expectations for a loss of $0.23 per share. Same store sales declined 22 percent.
- IBM has made an "informal approach" to acquire RIM's enterprise services unit which operates a network of servers needed to support BlackBerrys, according to Bloomberg. RIM is up over 5 percent in pre-market trading.
- The IEA raised its projection for oil demand growth this year to 900,000 barrels per day (bpd). But cut its oil demand projections for 2013 to 800,000 bpd, attributing the decline to resumption of nuclear energy use in Japan.
- Singapore's economy contracted 0.7 percent in the second quarter, shrinking less than expected. This week the government cut its 2012 growth forecast to 1.5 percent, down from 2.5 percent.
- The U.S. treasury budget for July will be released at 2 p.m. ET. Consensus is for a July deficit of $103 billion.
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