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Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading, with the Nikkei up 1.40%. European indices are mostly lower this morning and U.S. futures suggest a positive open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- Initial jobless claims were much better than expected at 435K. Read analysis here >
- rumours have emerged that Ireland may be on the brink of an IMF bailout. The country has seen the yields on its sovereign debt rise to 8.2% today. Here’s some background on how Ireland got into this mess >
- Zillow’s Q3 U.S. housing report was devastating, pointing to steep declines in home values, an all time high in foreclosures, and 23.4% of all homes being underwater. Check out the details of the report here >
- China is ramping up worry ahead of tomorrow’s inflation number, leading some to speculate the country may hike interest rates. Already today China increased reserve requirements for banks in an effort to prevent a bubble. Here’s why Chinese real estate may be the most obvious bubble ever >
- But house price growth in China has slowed rapidly, falling to 8% growth year-over-year in October. The is the sixth month in a row in which the rate of property price growth has slowed in China.
- China’s trade surplus for the month of October has increased to $27.1 billion, that’s a $10.2 billion increase over September. So while China might be looking to raise interest rates, the U.S. will also be looking for some sort of yuan revaluation to tackle the widening surplus. Here’s why China is actually a debt burdened builder of bridges to no where >
- Singapore Airlines has grounded their three Airbus A380 planes with Rolls Royce engines over oil problems. Qantas’ A380 fleet still remains grounded after the engine explosion last week.
- The European bank UniCredit saw its profits fall in Q3 due to declining interest payments on its accounts. The banks Q3 profits fell €60 million year-over-year, but its core Tier 1 capital did improve to 8.61%.
- Greece’s deficit for 2010 is likely to miss targets, and instead amount to 9.2-9.3% of GDP. The goal was for a 7.8% deficit for 2010. Reminder: Here’s who get slammed in a Greek default >
- The U.S. trade deficit came in better than expectations, at $44 billion. Read analysis here >
- Bonus: Actress Rachel Weisz has split from director husband Darren Aronofsky. They still intend to raise their son together in New York, according to U.S. Weekly.