- Asian markets were mostly higher in overnight trading but the Shanghai Composite fell 0.89 percent to its lowest level since March 2009. Europe is still rallying after comments from ECB head Mario Draghi last week and U.S. futures are flat.
- Italian borrowing costs fell at an auction of five-year and 10-year debt on expectations that the European Central Bank would buy bonds. Italy sold €4.73 billion of bonds, and yields on 10-year bonds declined to 5.96 percent.
- Euro-area economic confidence declined to 87.9 in July, the lowest level since September 2009. The data suggests that the euro-area's economic decline extended into the third quarter as government's continue to contain the region's debt crisis.
- UK Second quarter GDP contracted 0.7 percent. Money supply dropped by 5.2 percent year-over-year falling the most since the data was first recorded in 1983.
- Spain's second quarter GDP contracted 0.4 percent quarter-over-quarter. The Spanish economy fell deeper into a recession after a new round of austerity impacted domestic demand. Meanwhile, Spanish borrowing costs declined.
- Japan's industrial production unexpectedly fell 0.1 percent month-over-month in June. This was the third consecutive monthly decline.
- In earnings news, HSBC reported an 8.3 percent decline in net income and apologized to investors for compliance failures. The bank kept $2 billion aside to cover the costs of regulatory fines and lawsuits. Meanwhile, Anadarko Petroleum is expected to report earnings of $0.77 per share.
- In industry news, General Motors has ousted its global marketing chief Joel Ewanick. Meanwhile, Roper Industries is acquiring Sunquest Information Systems for $1.4 billion .
- China has allowed international investors to purchase bonds on the interbank market and high-yield bond market for the first time. It is also allowing institutional investors to own 30 percent of shares in domestically listed companies, up from 20 percent.
- South Korean manufacturing confidence fell to a three-year low, with a reading measuring expectations for August declining to 70. The export-oriented economy is being impacted by Europe's recession.
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