Good morning. Here's what you need to know:
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- Asian markets were mixed in overnight trading, with the Nikkei down a notable 0.72%. European markets are all up in early trading and U.S. futures suggest a higher open.
- Analysis has shown that Chinese government spending resulted in 8% of 2009's 9.1% GDP growth for the country. Chinese government economists are now calling for 10 to 11% GDP growth in 2010. Don't miss: Suddenly, its beginning to look a lot like stagflation >
- Chinese steel producers are set to raise prices as a result of rising materials costs and higher demand on the secondary market. The Chinese government has previously moved to close smaller steel producers, adding to the price pressure. Check out the details of the latest steel price hikes >
- The impact of recent floods on Pakistan may be larger than their death toll with concerns now rising that it could lead to a collapse in confidence in the country's government. The democratic government's response has been viewed as weak, while the military has gained further support.
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- Saudi Arabia is set to close on a $30 billion deal for F-15 fighter jets with the United States. The jets will, however, be stripped of long range missile technology at the preference of U.S. ally Israel.
- Moscow is seeing its citizens die in record numbers due to the heat wave plaguing the country. An average of 700 people are now dying per day in Moscow, due to the heat and smog, rather than the typical 360. Check out the smoke paralyzing downtown Moscow >
- And its not just wheat prices rising as a result of the Russian heat and wildfires with barley prices rising 130% since June. Barley is a key feed source for livestock. Check out photos of the Russian wildfires >
- The FAA is making Boeing provide a fix for some of its 747 aircraft to wiring having to deal with the plane's engines. The changes would impact flaps used in the plane's takeoff.
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- The amount of U.S. homeowners with mortgages underwater has fallen from 23.3% in Q1 to 21.5% in Q2. More homes, however, did enter into foreclosure during the period.
- Goldman Sachs' perfect Q1 trading record came to an end in Q2 when, over three days, the company lost over $100 million. Morgan Stanley, comparatively, lost money on 11 days trading in Q2.
- Bonus: The Kardashian sisters, including Kim, are set to launch a new fashion line that will include both clothes and lingerie.