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- Markets in Asia rallied in overnight trade, with Hong Kong's Hang Seng up 2.2 percent. European shares are sharply higher and U.S. futures point to a positive open.
- European leaders agreed to establish a supervisory body to oversee the continent's banking system. "We affirm that it is imperative to break the vicious circle between banks and sovereigns," leaders wrote in a statement published after 13 hours of talks. Still, here are David Rosenberg's 51 signs the global economy is a disaster.
- European leaders also renounced seniority on its bailout of Spanish banks, sending borrowing costs lower. Earlier, leaders had planned to subordinate other debt holders, which worried debt markets. The euro surged one percent on the news, to $1.2571, while yields on the Spanish ten-year fell to 6.57 percent.
- The Bank of England said the “outlook for financial stability had deteriorated” in its twice yearly financial stability review. The central bank also recommended banks be allowed to sell off liquid assets during crisis events to continue lending.
- The SEC may order Nasdaq to upgrade its systems after many failed during Facebook's IPO, the Wall Street Journal's Jenny Strasburg and Jacob Bunge report. The regulator's investigation into the exchange is still ongoing.
- Beauty firm Coty will issue shares publicly to raise $700 million. Coty plans to trade under the symbol "COTY" but has yet to pick an exchange. The deal is being underwritten by Bank of America Merrill Lynch, JP Morgan, and Morgan Stanley.
- Anheuser-Busch InBev has struck a deal to purchase the remaining interest in Modelo in a $20.1 billion deal. The terms represent a 30 percent premium to where Modelo currently trades. AB In Bev already owns a 50 percent non-controlling stake in the Mexican brewer.
- Research in Motion will lay off some 5,000 employees and delay the introduction of its new operating system BB10 as it restructures itself this year. The announcement came as the tech giant reported an adjusted loss per share of $0.37, missing analyst expectations for a loss of $0.07.
- Credit Suisse unexpectedly announced that it made a profit during the second quarter, including within its investment bank. The firm released the statement as it faces continued pressure following Moody's downgrade.
- Attorney General Eric Holder was held in Contempt of Congress after failing to hand over documents in the Fast and Furious gun smuggling scandal. The House voted of 255-67, led by Republicans and 17 Democrats. Most Democrats walked out and refused to vote.
- Personal income and outlays were exactly in line with expectations this morning, with incomes up 0.2 percent while spending was flat. Still to come at 9:45 a.m.: Chicago PMI, with expectations for a slight drop to 52.3 in June. Closing out the day at 9:55 is the final June reading of U. Michigan Consumer Confidence, which last read at 74.1.
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