Good morning. Here’s what you need to know.
- Asian markets were mostly down in overnight trading with the Bombay Stock Exchange was down 1.38%. Europe is sharply lower after terrible economic data out of Europe, and U.S. futures have opened lower.
- The 17-nation euro bloc expanded 0.2% in the third quarter in line with expectations. Eurozone GDP was driven by 0.5% growth in Germany, and 0.4% growth in France. Meanwhile economists expect Italy to already have entered a recession. Now here is the European situation explained in seven slides >
- The German ZEW economic sentiment survey came in at -55.2 in November, from -48.3 in October, showing that investor confidence fell to a three-year low. Don’t Miss: The real state of government deficits in the Eurozone >
- Spain sold €3.2 billion of 12-month treasury bills at 5%, and 18-month Treasury bills at 5.2%, shy of the €3.5 billion maximum target it had set. The yields of Spain’s 10-year bonds rose to 6.25%. Meanwhile Italian 10-year yield has soared back to about 7%. This panic has been caused in part because the ECB is cutting purchases of Italian and Spanish bonds in the secondary market. Check out the 19 countries most likely to default >
- Bank of England governor Mervyn King said inflation could fall more sharply than expected to the 2% target at the end of 2012. This comes after U.K. inflation eased more than expected, to 5% last month. The BoE left the target for asset purchases at £275 billion this month and kept its benchmark rate at 0.5%.
- October PPI fell 0.3% and core PPI held steady from last month, while retail sales beat expectations growing 0.5% in October >
- New York police have cleared out the Occupy Wall Street camp in Zuccotti Park. Police ordered protestors to remove their tarps, tents and sleeping bags, and arrested over 70 people in the late night raid. This comes after police dismantled the occupy Oakland camp on Monday. Don’t Miss: How Occupy Wall Street came to a sudden, unexpected end today >
- UBS has named interim chief Sergio Ermotti permanent CEO. It also brought forward the start date of chairman designate Axel Weber to May 2012, from 2013 as its tries to restore investor faith after its $2.2 billion loss. UBS will also outline plans for restructuring its business at investors’ day in New York on Thursday.
- In earnings news, Wal-mart posted Q3 earnings of $0.97 per share, on net sales of $109.5 billion, and raised the low-end of its full-year earnings range to $4.55 per share. Dell is expected to report earnings of $0.47 per share. Home Depot posted 17.6% year-over-year rise in Q3 earnings to $0.60 per share, on revenue of $17.3 billion. Now here’s what large corporations are revealing about the world economy >
- The Empire State manufacturing survey for November came in at 0.61 against expectations of business conditions level of -2.6. Business inventories for September will be released at 10 AM ET. Consensus is for a 0.2% month-over-month increase in inventories. Follow the release at Money Game >
- BONUS – Mila Kunis was named GQ magazine’s annual Knockout of the Year.