Good morning. Here's what you need to know.
- Asian markets were mixed in overnight trading, with the Nikkei falling to a two-week low after profit warnings from the U.S. raised concerns about Japan's upcoming earnings season. Europe is selling off and U.S. futures are modestly higher.
- Spanish prime minister Mariano Rajoy has announced tax increases and spending cuts totaling €65 billion. This is his fourth austerity package in seven months.
- Germany sold €4.15 billion worth of 10-year bonds at a yield of 1.31 percent. This is the lowest yield for a German 10-year auction on record.
- Iraq has overtaken Iran in oil output according to OPEC's monthly report. Iran's output slumped by almost 190,000 barrels per day (bpd), to 2.96 million bpd, according to Reuters.
- International trade for May will be released at 8:30 a.m. ET followed by wholesale inventories for May out at 10 a.m. ET. Consensus is for the U.S. international trade gap to shrink to $48.7 billion and for a 0.3 percent month-over-month increase in inventories.
- In earnings news, Charles Schwab is expected to report earnings of $0.18 per share and Marriott International is expected to earn $0.42 per share.
- Fitch confirmed the U.S.'s AAA rating but maintained its 'negative' outlook late yesterday. While Fitch lauded the productive economy, it warned that uncertain fiscal policy and Europe's debt crisis both pose major risks.
- FOMC minutes are out at 2 p.m. ET and everyone is watching the minutes for signs of additional monetary stimulus.
- German consumer prices fell 0.1 percent in June from the previous month. But CPI was up 1.7 percent on the year. This is the lowest rate in about 18 months.
- Canadian gold miner Goldcorp lowered its full-year production outlook for 2012 to between 2.35 - 2.45 million ounces, down from 2.6 million.
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