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Good morning. Here’s what you need to know:
- Major Asian indices were higher in overnight trading, with the Hang Seng up 1.05%. European indices are all higher this morning, and U.S. futures suggest a positive open. See 10 Unusual Stocks Attracting Huge Interest In The Market Today >
- U.S. ISM Manufacturing data came in slightly higher than expectations. Read analysis here >
- Chinese PMI data came in hotter than expected last night, at 55.2 over an expected 54.8. While the small beat is unlikely to trigger a major move by Beijing, it does indicate the Chinese economy may need more tightening measures to tame inflation. It’s just one piece of evidence that the world is on the brink of an inflation deluge >
- Thailand yet again increased interest rates today, in a surprise move. The policy decision is aimed at cutting inflation in the country, which is experiencing significant hot money flows. Click here for a guide to how the world has been fighting U.S. hot money >
- Australia’s GDP came in much lower than expected, at 2.7% annualized rather than the 3.4% expected. The high value of the Australian dollar is likely one of the causes for the unexpected slowdown. Check out why Australia is the most overpriced real estate market in the world >
- ECB chief Jean-Claude Trichet has indicated the bank is still considering the purchase of sovereign debt of eurozone member states. This minor show of support has seen the yields on debt of PIIGS states tighten. Check out where the eurozone crisis may spread next >
- Meanwhile, manufacturing strength in the eurozone has hit a 4-month high of 55.3, according to Markit data. The key drivers have been Germany and France, while Ireland too has shown sector growth. But watch out, there are real economic problems in the core of the eurozone too >
- UK manufacturing PMI surged to a 58, beating expectations of a 54.6. That’s the highest reading for the country since September of 1994, a 16-year high.
- Morgan Stanley has been cleared to sell its position in China International Capital Corp by the Chinese government. Selling the 34.3% position to KKR and TPG will allow Morgan Stanley to set up new business in China.
- Nonfarm productivity for Q3 was revised up to 2.3%, slightly below expectations.
- Bonus: Leighton Meester has complimented Gwyneth Paltrow on her “down-to-earth” attitude saying she tells dirty jokes.
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