Good morning. Here's what you need to know.
- Markets in Asia were largely higher in overnight trade, with Japan's Nikkei up 0.9 percent. European shares are rallying and U.S. futures point to a positive open.
- ECB President Mario Draghi said that officials are ready to act to keep the euro alive and would work to lower surging bond yields that are pressuring members like Italy and Spain. “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro,” Draghi said. “And believe me, it will be enough.”
- Zynga missed earnings expectations and cut forecasts after reducing expectations for Draw Something, a game it paid more than $200 million for, and faster-than-expected declines in existing games. The company said it earned an adjusted $0.01 a share, as it lost $22.8 million compared to a $1.4 million profit in the year ago period.
- Visa and Whole Foods reported better-than-expected earnings after the closing bell yesterday. Visa said it earned $1.56 a share when excluding its massive $4.1 billion settlement with merchants. Meanwhile, Whole Foods said same-store sales grew 8.2 percent, sending shares higher.
- German consumer confidence increased slightly in August with the forward-looking indicator up 10 basis points to 5.9. Economists had forecast no change.
- Italian retail sales declined less than forecast in May, down 0.2 percent sequentially. Food sales increased 0.4 percent during the month, but non-food goods dropped 0.4 percent.
- South Korea's economy expanded by 0.4 percent in the second quarter, slower than forecast. Imports fell 1.7 percent and capital investment in plants and equipment declined 6.4 percent.
- Nomura's chief executive Kenichi Watanabe and chief operating officer Takumi Shibata are resigning after a number of salespeople gave inside information on share offerings to clients before the information was public, Japanese newspaper Nikkei first reported.
- U.S. economic announcements kick off at 8:30 a.m. with the durable goods and initial unemployment claims reports. Orders are seen 0.3 percent higher in June, while jobless claims drop 6,000 to 380,000. U.S. pending home sales follow at 10 a.m., with consensus for a 0.3 percent increase.
- Earnings on tap today before the opening bell include Sprint and Exxon Mobil. Already Sprint has missed expectations, reporting a loss of $0.46 against estimates for $0.41. Meanwhile, Exxon is expected to post earnings of $1.95 per share.
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