Good morning. Here’s what you need to know:
- Asian markets were mostly higher in overnight trading, with the Shanghai Composite up 1.04%. European indices are mixed in early trading and U.S. futures suggest a higher open. Check out 10 unusual stocks attracting huge interest in the pre-market right now>
- Today is a holiday in the U.S. and the bond market is closed. Equity markets remain open, but there is no major economic data released today.
- There will be no hard deal on currency movements or surplus and deficit targets in this weekend’s G20 agreement. Instead, countries will agree to not competitively devalue and to avoid protectionism. Check out the states lining up measures to protect themselves from U.S. hot money >
- China’s CPI rose by 4.4% in October, above expectations signaling the county is under inflationary pressure. It is likely China will now take steps to tighten, in an effort to prevent inflation from getting out of hand. But is this growth for real, or is China just a debt burdened builder of bridges to no where >
- The Korean Kospi Index plummeted at the end of trading today, the result of a last minute sell order. The exchange closed down 2.7% with most of the selling occurring in the last minute of trade.
- The U.S. and South Korea were unable to agree on a free trade deal due to disputes over the automobile and beef industries. Ford and the United Autoworkers Union are against the deal as it stands. Talks will resume after the G20.
- Siemens results came in better than expected, and the manufacturer increased its dividend 70% as a result. Sales for its fiscal Q4 increased 7.7%.
- Yields on Irish debt continue to spike this morning with the 10-year rising to 8.921%, though the ECB may be ready to launch a Greek style bailout for the country. The cost to insure Irish, Portuguese, and Spanish debt with CDS is also rising, while the euro is falling. Here’s how Ireland became the biggest problem in Europe >
- Cisco is expected to open much lower this morning after reporting a much lower than expected revenue outlook for its 2011 fiscal year. Expectations were for 13.1% revenue growth in 2011, while the firm suggests 9 to 12% growth is more likely.
- Oil is now at its highest price in two years, spurred on by Chinese demand, according to Bloomberg. U.S. inventories have been lower than expected, which is also driving up prices. Check out the definitive guide to peak oil >
- Bonus: Prince William is set to be engaged to, and marry, Kate Middleton in 2011, according to Us Weekly.
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