Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Nikkei falling 1.27%. Europe is higher and U.S. futures are moderately higher.
- The Greek cabinet is holding an emergency meeting today, and all the chatter is that former vice-president of the ECB, Lucas Papademos, will be named the new prime minister of Greece. European finance ministers have ordered Greece to agree to bailout terms in writing by the end of November, to get the next €8 billion loan instalment . Don’t Miss: Countries With The Most Balance Sheet Risk >
- Italian prime minister Silvio Berlusconi faces a vote in parliament today and needs to prove that he has enough support to implement austerity measures. Berlusconi reportedly told key officials that he might consider stepping down if he doesn’t win an absolute majority. Italian-German 10-year spread has eased today. Now check out how similar Italy and Greece are >
- UK October retail sales, for stores that have been opened 12 months or longer, fell 0.6% from a year ago. Total sales values however rose 1.5% from a year ago. Meanwhile, RICS housing, a UK house-price index fell to -24 in October, from -23 a month ago. But an index of sales was at its highest since April 2010.
- Liberty Media Corp is expected to post earnings of $1.17 per share, and U.S. based electricity company Dynegy is expected to report earnings of $0.27 per share. Meanwhile, Dynegy has filed for chapter 11 bankruptcy protection for some of its subsidiaries, as part of a proposed debt restructuring agreement.
- In more earnings news, French bank Societe Generale posted Q3 net profit of €622 million, down 30.6% from a year ago. The bank reported a €239 million hit from a 60% writedown of Greek debt. It has cut its toxic assets exposure by €10 billion in the five months to November, but it continues to have €3.4 billion exposure to PIIGS. The bank also scrapped its dividend to meet a capital shortfall. Here are the European banks praying for the PIIGS to get saved >
- Toyota Motor Corp. cut its profit forecast after Thailand’s floods and the Japanese earthquake hit the company. Profit fell 19% to 80.4 billion yen, missing estimates. Priceline missed earnings estimates, after travel was impacted by uncertainty in Greece and lower travel demand in Thailand because of widespread floods.
- Credit Suisse will reveal the names of its wealthy American clients and details of their accounts, to the IRS. The bank is complying with a request from the Swiss government for account information, after U.S. officials asked the Swiss government for help as part of a wider tax probe.
- Olympus Corp. has said that three executives have helped cover-up decades of losses. President Shuichi Takayama has said the firm may consider criminal complaints against the former executives. The company’s shares have fallen 70% in the last month, since former-CEO Michael Woodford blew the whistle on the cover-up.
- Wall Street bonuses are set to shrink by an average of 20% – 30% from last year, and bond trader bonuses are expected to decline even further, according to consulting firm Johnson Associates Inc. The average managing director is expected to take home $900,000, down from about $1.2 million in 2010. Check out veterans marching for occupy Wall Street >
- BONUS – Angelina Jolie and Brad Pitt were spotted with their six children in Japan.