REUTERS/Mohamed Abd El Ghany
Anti-President Mohamed Mursi protesters watch a speech by him on TV at a cafe at Tahrir Square in Cairo July 2, 2013. Good morning! Here's what you need to know.Markets sold off overseas. Asia was red across the board with Japan's Nikkei falling 0.3% and Hong Kong's Hang Seng plunging 2.4%. Europe continues to trade lower with the broad Euro Stoxx 50 down 2.0%. U.S. futures are negative.Markets in Portugal are crashing this morning following the resignation of the country's finance minister, who cited disputes over controversial austerity programs as the driver of the decision. Portuguese stocks are down more than 6% today, and the yield on the 10-year Portuguese government bond is up around 150 basis points to above 8%.Egypt is bracing for a showdown today after the military gave the government an ultimatum that it would suspend the constitution, disband parliament and install a new leadership unless the demands of millions of protesters are met. Current President Mohamed Morsi has vowed to protect his "constitutional legitimacy" with his life. The military has set a deadline for Morsi of 10 a.m. ET today.In after-hours trading Tuesday evening, oil rose above $100 a barrel for the first time since September, thanks in part to the growing unrest in Egypt. After reaching a high of $102.18 last night, oil has backed off a bit and is now trading around $101.30, up 1.7%.Toyota is recalling 185,000 vehicles globally due to an electric glitch that causes its power steering system to malfunction.The Treasury Department issued a statement saying that the White House would delay until 2015 the enforcement of the requirement for business to provide workers with health insurance under the Affordable Care Act, aka "Obamacare." Under the ACA, businesses employing 50 or more workers would have to offer health insurance or pay a penalty of $2,000 per worker.Jeff Saut, the top strategist at Raymond James, blasted an email that read: "This is a big deal. A major 2H risk off the table..." Some economists noted that a reduction in "hours worked" in some industries was a sign that employers were reducing hours intentionally to dodge this cost.It's jobs week in America. According to ADP, U.S. companies added 188,000 private payrolls in June. Economists were looking for 160,000 payrolls, up from 135,000 a month ago.Initial weekly unemployment claims fell to 343,000 this week from 348,000 a week ago. This was better than the 345,000 economists were expecting.Markets will close at 1:00 p.m. ET today and will be closed on July 4 for the U.S. Independence Day holiday. Follow 10 Things Before the Opening Bell and never miss an update! Get updates in your Facebooknews feed.Get updates in your inbox.
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