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Minyanville's Before The Bell: ECB Leaves Rates Unchanged, Pumps In $57 Billion; Futures Lower


ECB leaves rates unchanged, Countrywide cuts more jobs. Futures are pointed lower.

U.S. stock futures are lower on continued credit fears globally. As of 7:20 AM EST, S&P Futures are lower by 5.50 points to 1471, and Nasdaq futures are trading lower by -7.2 points to 1996.

Across the globe in Asia, equity markets ended mixed. Japan snapped a three day losing streak with the Nikkei ending up 0.6%. Hong Kong's Hang Seng finished lower by -0.08%, Taiwan's TAIEX closed up 1.16%, the Shanghai Composite finished up 1.5%, and India's Sensex continued to soar adding 1.1%

Making the headlines in Asia, China raised its reserve ratio requirement by 50 basis points to 12.5% effective September 25. China's Premier Wen Jiabao said in a televised speech that the economy is at risk of overheating. (From Bloomberg)

Meanwhile, Australia's central bank said it would buy debt backed by home loans to add cash to the financial system with asset-backed commercial paper and bank bills also being eligible. (From BTIG)

European markets are trading lower. The CAC is down by -0.5%, DAX is down by -0.6%, and the FTSE is down by -0.70%.

The European Central Bank left rates unchanged today while it also pumped in $57.7 bln into the money markets to reduce borrowing costs.

In European economic data, UK July industrial production fell -0.1% vs. a gain of 0.2% consensus on a month over month basis, and manufacturing production fell -0.3% vs. a gain of 0.2% on a month over month basis.

In the U.S. Countrywide Financial (CFC) said it will cut an additional 900 jobs as the home-mortgage lender reduces costs amid continued weakening of the housing sector. (From WSJ) For more insight into the problems of housing, please read Professor Shedlock's More "Ideas" To Fix Housing.

Wal-Mart (WMT) reported same-store sales rose 3.1% vs. their previous prediction of 1-2%. Check back with Minyanville for Professor Macke's Retail Report for his analysis on a number of other retailers' August performance. Also click on our Stocks To Watch for more company-specific ideas.

On the Radar today we have Initial Claims and Productivity to be released at 8:30AM EST. At 10:00AM ISM Services will be released as well as the weekly crude inventories report. Please click here for the full radar.

Please continue to click back on our News and Views section for continuously updated information you need to know. Good luck and Good trading Minyans!
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