- Asian markets were mixed in overnight trading with the Nikkei down 0.57 percent, falling to a two-week low. Europe is selling off, and U.S. futures are flat.
- The Spanish treasury sold nearly €4 billion at a short-term debt auction. The country saw borrowing costs decline which showed that concerns of Spain needing a sovereign bailout were declining. Meanwhile, Italian borrowing costs also declined when it auctioned €3.75 billion of debt due to mature in 2014.
- European Central Bank chief Mario Draghi has canceled his appearance at Jackson Hole. Draghi attributed the decision to his workload. No ECB representative will be attending the Jackson Hole Economic Symposium.
- The European Central Bank is urging regulators to relax Basel liquidity rules since it could hinder efforts to fight the region's sovereign debt crisis.
- In M&A news, M&T Bank Corp. has agreed to acquire Hudson City Bancorp for $3.7 billion as it tries to grow in the East Coast. Meanwhile, IBM is acquiring Kenexa Corp. for about $1.3 billion.
- The S&P Case-Shiller home price index for June will be out at 9 a.m. ET. Consensus is for a 0.4 percent increase in the 20-city home price index.
- Australian new home sales fell 5.6 percent in July, after rising 2.8 percent in June. Sales of new homes fell to the second lowest-level on record, according to Bloomberg.
- Spanish GDP growth declined 0.4 percent in the second quarter from the previous quarter, when it contracted 0.3 percent. Austerity driven weak consumer spending dragged the economy further into a recession.
- Tropical storm Isaac is on the verge of becoming a hurricane. The storm is headed towards New Orleans seven years after the city was hit by Hurricane Katrina.
- Consumer confidence and the Richmond Fed manufacturing survey for August will be out at 10 a.m. ET. Consensus is for consumer confidence to ease to 65.8, and for a Richmond Fed manufacturing reading of -10.
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