Quick Overview

• Treasury’s Henry Paulson said the U.S. government will hit its $8.965-trillion debt limit in early October and asked Congress to raise it.
  

• U.S. Capital markets are losing market share to overseas competitors, but it is the bond market rather than equities that is losing ground to foreign competition, a study by the Federal Reserve Bank of New York showed.
  

• The Chinese government increased bank reserve requirements - again.
  

• Japan's industrial production increased 1.2% in June.
  

• The USDA said that:
  58% of the corn crop rated good to excellent, down from 62%.
  58% of the soybean crop rated good to excellent, down from 61%.
  68% of the spring wheat crop rated good to excellent, down from 75%.
  54% of the cotton crop rated good to excellent, down from 56%.