Good morning. Here’s what you need to know:
- Asian markets plummeted in overnight trading, with the Shanghai Composite down 3.98%. Major European indices are much lower this morning, and U.S. futures suggest a negative open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- The overnight selloff in Chinese shares was spurred on by a report that food price inflation is rampant in China and that the government will be forced to tighten monetary policy. In the first 10 days of November, a basket of 18 vegetables rose 62.4% year-over-year in price. Here’s why the world is on the brink of an inflation deluge >
- The producer price index for October came in way lower than expected. Check out the details here >
- Industrial production data came in weak, with a 0.0% rise. Read the details here >
- South Korea raised its interest rates by 0.25% to 2.5% today in a bid to combat rising inflation within the country. Inflation increased 4.1%, year-over-year, in in October. Here are some other ways emerging markets are fighting U.S. easy money >
- Eurozone inflation has increased to a 2-year high, rising to 1.9%, year-over-year, in October. Transport, tobacco, and housing saw the steepest increases in costs. Is the the U.S. easy money spigot the real cause of eurozone inflation >
- Ireland’s debt problems will be front and centre in discussions today between eurozone finance ministers. The country’s leadership is willing to discuss tapping the region’s bailout facility, though it would prefer bank specific aid. For background, here’s how Ireland got into this financial mess >
- General Motors has increased the initial price for shares in its IPO from a $26 low to a $33 high. The increase in price, which will be detailed tomorrow, may allow the U.S. Treasury to sell more of its position in the firm. Here are some more details on the GM IPO >
- Earnings for Home Depot increased 21% in the company’s Q3. The company beat analyst estimates and increased earnings expectations.
- While yesterday saw significant pressure on the municipal bond market, California successfully sold $4 billion in bonds. The state still needs to sell $6 billion in new debt in this current offering. Here are the 15 states with bulging budget gaps for next year >
- Bonus: The rumours are true, Prince William and Kate Middleton are engaged to be married. The couple will wed next Spring or Summer in London.
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