Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading, with Shanghai Composite up 0.65%. Major European indices are up and U.S. futures suggest a positive open. Check out the 10 unusual stocks attracting interest this morning >
- President Obama announced a bipartisan tax deal to extend the Bush tax cuts last night. The deal also includes an extension of unemployment insurance and a payroll tax cut. And now, here’s how the deficit would be cut if it were up to liberals >
- Ireland’s government presents its austerity budget today, aiming to tame its public deficit. It is expected to be approved by the country’s parliament. Here are the next dominos to fall after Ireland in the eurozone mess >
- China might raise its interest rates this weekend in an effort to tame its rising inflation rate. This move would be in advance of the release of the country’s CPI data next Monday. Here’s why China’s inflation problem is just the beginning >
- Tesco saw its Q3 sales increase by 8.2% globally, largely a result of 15.2% growth outside the UK. Sales in the UK only increased by 0.7-0.8%.
- The U.S. government sold $10.5 billion in Citigroup shares marking the end of its investment in the company. The government claims to have made a $12 billion profit on its $45 billion investment in the company. Here’s everything you need to know about the Fed’s data dump on all the banks the U.S. bailed out >
- BP could be looking to sell $1 billion in assets located in the North Sea. The company has already sold $21 billion in assets, more than half of the $40 billion total it needs to cover expenses related to the Gulf of Mexico oil spill. Here’s why Whitney Tilson loves BP >
- Xstrata, the Swiss mining company, is planning to spend $23 billion in the next 6-years on expansion. The coal miner aims to spend $6.8 billion next year alone. Here’s the peak coal threat you need to watch for >
- Speculation about a potential buyout of Barnes and Noble by Borders dominates merger talk this morning. Terms of the supposed deal, financed by Bill Ackman’s Pershing Square Capital, would value Barnes and Noble at $16 per share or $960 million. Bill Ackman’s also bullish on housing, here’s why >
- Consumer credit data is released today at 3 PM ET. It is expected to show a $2.0 billion decline for the month of October. Check out this overview of America’s declining love of debt >
- Bonus: Angelina Jolie has denied having any plastic surgery saying, “I haven’t had anything done and I don’t think I will.”
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