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Good morning. Here’s what you need to know.
- Asian markets were down in overnight trading with the Shanghai Composite off 0.73%. Europe is moderately lower and U.S. futures opened lower.
- Greek prime minister George Papandreou is meeting opposition leader Antonis Samaras today to form a new national unity government that would carry Greece to elections and pass crucial austerity measures. Papandreou will step down, and former deputy president of the ECB Lucas Papademos is expected to be the new prime minister. Now here’s who gets slammed if Greece goes bust >
- Italian prime minister Silvio Berlusconi said rumours of his resignation were unfounded. Markets had picked up earlier today on rumours that Berlusconi was resigning. Italian 10-year yield hit a record level of 6.58% in early trading. Don’t Miss: How Italy got to be the country that everyone is freaking out about >
- New economic data shows that Germany is fast losing its title as a bastion of stability amid the European debt crisis. German industrial production fell 2.7% in October, after declining 1% the previous month. This comes after a fall in factory orders last week.
- Consumer credit report for September will be released at 3 PM ET. Consensus is for a $5 billion month-over-month change. Follow the release at Money Game >
- Warren Buffett’s Berkshire Hathaway boosted Q3 operating earnings by 36.8% to $3.81 billion. But $1.59 billion in losses in its derivatives positions led a drop in net earnings to $2.29 billion.
- Retailer Best Buy Co. Inc. is buying out British partner Carphone Warehouse Group, from a profit-share agreement of the Best Buy mobile phone joint venture in the U.S., for $1.7 billion. The company is looking to focus on its main U.S. operations, and is scaling back overseas businesses. Now check out which stocks will benefit from the luxury boom around the world >
- Three of Greece’s biggest banks Alpha Bank, EFG and Piraeus issued €6.4 billion of government-guaranteed bonds, that they will use as collateral to receive funding from central banks. Analysts expect it will be used as part of new €30 billion liquidity facility for Greek banks.
- BP’s agreement to sell its $7.1 billion stake in Argentinian Pan American Energy LLC to China’s CNOOC Ltd. has collapsed. This comes after Argentina’s president ordered energy companies to repatriate export revenue.
- In earnings news, Atlas Energy is expected to announce earnings of $0.42 per share, MFA Financial is expected to post earnings of $0.25 per share and consensus is for Demand Media to post earnings of $0.04 per share. Now here’s what large corporations are revealing about the world economy >
- BONUS – Lindsay Lohan was released from Century Regional Detention Facility in Lynwood, California after serving only 4.5 hours of a 30-day sentence.