- Asian markets were mostly lower in overnight trading with the Hang Seng down 1.19 percent on weak corporate earnings. Europe is selling off and U.S. futures are modestly lower.
- Italy sold €7.3 billion of five-year bonds and 10-year notes at a debt auction today. Demand for both notes improved while borrowing costs fell from the previous auction. But yields on the five-year floating rate bond rose.
- Brazil's central bank cut its benchmark interest rate to an all-time low of 7.5 percent. This came after the government announced stimulus measures to boost consumption and investment, and as policymakers continue to worry about the nation's economic recovery.
- Chinese premier Wen Jiabao said Greece, Spain and Italy need more "comprehensive measures" to prevent a deterioration of the euro crisis. But he did say he was more confident about the euro area after meeting with German chancellor Angela Merkel, and that China would be willing to purchase European government bonds.
- Personal income and outlays for July and jobless claims will be released at 8:30 a.m. ET. Expectations are for a 0.3 percent month-over-month increase in personal income and a 0.4 percent month-over-month increase in consumer spending. Initial claims are expected to ease to 370K.
- In industry news, Pandora is up 13.1 percent in pre-market trading after the company reported better than expected earnings. Meanwhile, Barclay's has named Antony Jenkins its new chief executive officer.
- Japanese retail sales fell 0.8 percent year-over-year in July, and 1.5 percent from the previous month.
- German unemployment climbed to 2.9 million in August on a seasonally adjusted basis. Unemployment climbed for the fifth straight month as Europe's debt crisis impacted demand for German exports and because companies put off hiring and investment.
- The Kansas city Fed's manufacturing index for August will be released at 11 a.m. ET. Expectations are for a reading of 5.
- After accepting his Republican nomination for vice-president Paul Ryan took aim at President Obama during his rousing Republican National Convention speech. He has however been criticized for taking liberty with facts.
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