Good morning. Here's what you need to know.
- Asian indices were mostly down in overnight trading with Nikkei falling 1.04%. Europe is trading higher and U.S. futures are up.
- Libyan rebels reportedly met with little resistance from government forces in Tripoli, and were cheered on by crowds that expect that Qaddafi's 42-year rule is coming to an end. Rebels have also captured two of his sons. Don't Miss: Incredible moments from Qadaffi's reign >
- Meanwhile, markets are reportedly factoring in the conflict in Libya, as oil prices have dipped on expectations that Libyan oil would be available to the market soon. Brent crude futures fell about 1.7% to $106.8 a barrel in early European trading and U.S. crude is at $83.37.
- German chancellor Angela Merkel yesterday, pushed Europe to stand firm in the face of market pressure and said that politics could not follow markets, as she reiterated her reluctance for a Eurobond that would fund indebted nations. Senior European Union official Herman Van Rompuy is also backing German and French opposition to Eurobonds. Don't Miss: Everything you wanted to know about Eurobonds but were afraid to ask >
- In commodities news, gold prices continue to climb over concerns of a global economic slowdown and Eurozone sovereign debt crisis. Gold crossed the $1,890 an ounce mark hitting a new record.
- Boston-based private equity firm Bain Capital is set to acquire Australian accounting software company MYOB for about $1.3 billion, beating out bids from UK's Sage Group and Kohlberg Kravis Roberts & Co.
- The Japanese yen declined against the dollar and the Swiss franc also fell amid speculation that both countries will intervene to curb gains in their currencies. The strong yen and Swiss franc have hurt exporters in both nations. Check out the only currencies that have outperformed gold this year >
- Dollar Thrifty Automotive Group Inc. has said it wants 'best and final' offers from its bidders by early October. Hertz Global Holdings Inc. and Avis Budget Group Inc. are both looking to acquire the company. In May, Hertz offered about $2.1 billion for Dollar Thrifty at a time when Avis faced problems getting regulatory approval for its rival bid.
- In earnings news, Australia's largest steel maker BlueScope Steel Ltd. posted a $1.09 billion annual loss. It has announced that it is shutting two production facilities and will cut 1,000 jobs as it moves to reign in costs and cut its losses. Meanwhile government-owned China Construction Bank Ltd. reported a 31% rise in first half profit to $14.5 billion.
- It is being reported that traders expect Federal Reserve chairman Ben Bernanke to begin a third round of quantitative easing to boost the economy, and that is being reflected in record-low yields on U.S. Treasuries. Barclay's expects that traders anticipate $500 billion to $600 billion of Treasury purchases by the Fed.
- BONUS - Lindsay Lohan is suing rapper Pitbull for allegedly defaming her in the song Give Me Everything.
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See Also:
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- 10 Things You Need To Know This Morning
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