- Asian markets were mixed in overnight trading with the Nikkei up 0.88 percent but stopping shy of the 9,000 mark. Europe is selling off and U.S. futures are modestly lower.
- German industrial production declined 0.9 percent month-over-month (MoM) in June. Meanwhile, exports fell 1.9 percent MoM in June. This comes after yesterday's decline in German factory orders and shows that Europe's largest economy is slowing under the weight of the region's debt crisis.
- The Bank of England lowered its growth outlook and now expects the UK economy to grow 2 percent a year in two years, down from 2.65 percent. Inflation is expected to fall to 1.6 percent in two years.
- Standard Chartered could have to pay $700 million in fines to resolve the money laundering allegations filed by New York regulators.
- Rio Tinto's profits plunged 22 percent in the first half. But the company does not plan to cut back on its $16 billion spending program and has warned of near-term volatility in commodity markets.
- In earnings news, DISH Network reported a 33 percent decline in second quarter earnings. Macy's is expected to report earnings of $0.65 per share, and Venoco is expected to report earnings of $0.02 per share.
- Japanese trade surplus widened to 433.3 billion yen in June, from 215.1 billion in May. The trade surplus was boosted by a decline in oil prices.
- Productivity costs for the second quarter will be released at 8:30 a.m. ET. Consensus is for nonfarm productivity to rise 1.3 percent quarter-over-quarter.
- Economists are cutting their growth forecasts for India as weak monsoons are adding to the country's economic woes. Citigroup cut its forecast to 5.4 percent for the year ending March, and warned that it could fall to 4.9 percent if the drought worsens. CLSA cut its forecast to 5.5 percent.
- Egypt launched air strikes on Islamic militants in Sinai close to the border with Israel. This was in retaliation to an attack on Egyptian border police, according to Reuters.
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