- US Equities rallied yesterday ahead of Obama’s speech in which the President is expected to lay out a jobs package, worth more than $300 billion. This morning, optimism faded in Asia with stocks trading mixed.
- Germany’s constitutional court has rejected a series of challenges to the euro zone financial rescue packages agreed last year for Greece and other debt-strapped members.
- The sluggish US recovery failed to gain speed in recent weeks and softened in some areas of the country as volatile stock markets and sputtering factory activity weighed on growth, the Federal Reserve said in its Beige Book
- Rating agency Fitch warned this morning that it might downgrade the credit rating of China within two years and there was a greater than even change of a downgrade of Japan’s credit status.
- The United States urged Europe to act “decisively” to resolve the debt crisis and shore up its banking sector to help rebuild global market confidence. A senior Treasury official added that Europe’s health will be a key focus for the G7 meeting on Friday.
- Japan’s core machinery orders tumbled twice as much as expected in July, in a sign that companies are delaying investment due to worries about the strong yen, faltering global growth and slow progress in rebuilding from the earthquake.
- Crude oil ($115.70) prices rallied on Wednesday, closing at its highest level in more than a month supported by upbeat sentiment on equity markets and storms in the Gulf of Mexico posing a threat to supplies.
Today, the eco calendar contains the US trade balance and jobless claims. The ECB and BoE decide on rates and US President Obama and Fed Chairman Bernanke are scheduled to speak.
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