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Good morning. Here’s what you need to know:
- Asian markets were mostly higher in overnight trading, with the Nikkei an exception, down 0.52%. European markets are trading flat or slightly negative and U.S. futures suggest a flat open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- Personal income and spending for September came in weaker than expected. Follow coverage of the release at Money Game >
- The ISM manufacturing survey for October is released at 10:00 AM ET. Data is expected to show a slight gain, with a rise to 54.5. Follow coverage of the release at Money Game >
- China’s PMI rose to 54.7% indicating continuing economic expansion in the country’s economy. The private, HSBC index of PMI also showed continuing growth, at 54.8%. Is this growth real? Or is China just a debt-burdened builder of bridges to nowhere >
- Industrial Commercial Bank of China has purchased the broker dealer unit of Fortis, previously owned by BNP Paribas. The deal will only cost ICBC $1.
- HSBC’s index of Indian PMI rose to 57.2 in October, an unexpected increase. The larger than expected rise could lead to new tightening measures from the Indian government. Check out all the deals President Obama is tying up between the U.S. and India >
- Qatar Airways has confirmed one of the explosive packages sent from Yemen was on one of its passenger aircraft. Originally, it was thought the packages only targeted cargo flights. Check out the security threats the U.S. is really worried about >
- Portugal’s politicians have come to an agreement on the country’s austerity budget, just days before its vote. The country’s government may have fallen if an agreement was not made.
- 10-year Irish bond yields have widened to their largest spreads against the bund since the euro, at 455 bps. Yields are now over 7% on concerns the country’s austerity budget will inhibit growth. Check out how Ireland got into this economic mess >
- There was gossip over the weekend that miner BHP Billiton would soon raise its bid for Potash. However the company has denied any imminent plans. That being said, here’s why the company will eventually have to raise its bid if it is to be successful.
- Dilma Rousseff has won Brazil’s presidential election and becomes the country’s first female president. She succeeds Lula da Silva, who is from the same left-wing party.
- Bonus: Demi Moore and Ashton Kutcher allegedly met University of Iowa basketball recruits, in violation of NCAA rules,