Good morning. Here's what you need to know.
- Markets in Asia sold off in overnight trade, with Japan's Nikkei down 1.4 percent. European markets are higher and U.S. futures point to a positive open.
- Federal Reserve officials are moving closer to greater policy action, the Wall Street Journal's Jon Hilsenrath report. Within the Fed, private conversations have turned increasingly towards increased easing measures, which it could institute at its August or September meetings.
- The U.K. economy contracted at its greatest pace in three years after poor weather and the Queen's Jubilee hit output. GDP declined 0.7 percent, above estimates for a 0.2 percent fall.
- German business conditions declined for the third consecutive month, new data out of the Ifo Institute shows. The July confidence index fell to 103.3 from 105.3 a month earlier. Economists were looking for a narrower drop to 104.5.
- Nonetheless, German 30-year treasuries fell to a record low after the country issued €2.32 billion in notes to strong demand. Yields declined to 2.170 percent.
- Moody's lowered the provisional outlook on the European bailout funds debt to negative. The ratings agency affirmed the EFSF's Aaa rating, but changed its outlook after it put three of its main guarantors — Germany, the Netherlands, and Luxembourg — on negative outlook for potential downgrade.
- Apple posted a rare earnings miss, posting earnings per share of $9.32 as Mac and iPhone sales disappointed. Revenue was light at $35.0 billion, below forecasts for $37.1 billion.
- Netflix shares collapsed yesterday after the company reported subscribers grew below the high end of forecasts. The company reported net income of $6.2 million, or $0.11 a share, above estimates.
- U.S. economic announcements kick off at 10:00 a.m. with new home sales. Sales are projected to improve 0.4 percent sequentially in June to an annualized pace of 371,000 units.
- Earnings on tap before the opening bell include Ford, Boeing, and Pepsi. The auto maker is expected to report earnings per share of $0.29. Meanwhile consensus for Boeing and Pepsi is $1.12 and $1.10, respectively.
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