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It's MORNING EDITION, from NPR News. I'm Steve Inskeep. Good morning. Renee Montagne is back at NPR West. Renee, welcome back.

RENEE MONTAGNE, HOST:

Thank you very much. After a nice vacation, and so glad to be here, because big news: President Obama speaks to the Democratic Convention tonight. Just as with Mitt Romney last week, the president will have a huge audience to make his case.

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And today's last word in business is seeing red.

The designer Christian Louboutin is famous in certain circles for his super high heeled shoes. They can cost more than $4,000 and it's the red lacquer soles that Louboutin is really known for.

RENEE MONTAGNE, HOST:

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STEVE INSKEEP, HOST:

It's MORNING EDITION from NPR News. I'm Steve Inskeep.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

President Obama appeared briefly on stage last night at the Democratic convention. He gave Bill Clinton a hug just after the former president made a stirring case for Obama's re-election.

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RENEE MONTAGNE, HOST:

It's MORNING EDITION, from NPR News. Good morning. I'm Renee Montagne.

STEVE INSKEEP, HOST:

And I'm Steve Inskeep.

Mitt Romney has not done any campaigning the last few days. He's in Vermont with senior aides, preparing for debates next month. And even as President Obama prepares for tonight's big speech, campaign aides say he has been preparing for debates, too. NPR's Ari Shapiro asked past debate coaches what happens behind the scenes.

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When the European Central Bank holds its monthly meeting today, investors around the world will be watching nervously to see what the bank's head, Mario Draghi, says about interest rates. Draghi was recently quoted as saying he would do whatever it takes to keep Europe's debt crisis from growing out of control, and that could go beyond just cutting borrowing rates.

As NPR's Jim Zarroli reports, any European Central Bank plan to use its resources to prop up Europe's weaker economies will face strong opposition from the Germans.