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Good morning. Here’s what you need to know.
- Asian markets were down in overnight trading with the Shanghai Composite plummeting 2.48%. Europe is mixed after Mario Monti announced a new Italian government, and U.S. futures opened lower.
- UK jobless rate rose to a 15-year high of 8.3%, and unemployment among young people climbed over 1 million for the first time since 1992. The pressure is mounting on the government to boost its economy, but the Bank of England is expected to cut its UK growth forecasts today. Now here’s a look at unemployment in the world’s biggest economies >
- In Italy, Mario Monti has officially taken over as PM, introducing a brand-new cabinet. Hilariously, he’s also named himself the Finance Minister. Monti is announcing his new government today, and he has named the CEO of Intesa Sanpaolo Corrado Passera, the Minister for Economic Development. Now here is why Italy is getting crushed >
- The German Council of Economic Experts is reportedly discussing some form of Eurobond. The council proposed a “European Redemption Fund” that would take on excess sovereign debt of countries that pass the 60% of GDP EU limit, and in return, the countries would have to enforce ‘debt brakes’ aimed at slashing their debt burdens. Check out the real state of government deficits in the eurozone >
- October CPI declined 0.1%, while core CPI grew 0.1%. Meanwhile, industrial production grew 0.7% month-over-month in October.
- In earnings news Dell posted Q3 net earnings of $893 million or $0.49 per share, on revenue of $15.37 billion. Revenue missed Wall Street estimates because of lower sales. Meanwhile, industrial conglomerate Tyco reported Q4 net income of $400 million or $0.85 per share, on revenue of $4.69 billion, beating expectations. Don’t Miss: The favourite stocks of Congress members >
- Meanwhile, Target Corp. reported earnings of $0.87 per share excluding special items, against expectations of $0.74 per share. Limited Brands is expected to post earnings of $0.24 per share.
- The trustee overseeing commodity brokerage MF Global’s bankruptcy is seeking to return $520 million, or 60% of the near $900 million in client cash that has been frozen for over two weeks. Don’t Miss: The numbers that brought MF Global down >
- Citigroup may cut 3,000 employees which totals about 1% of its staff, including 900 in its securities unit. This is part of CEO Vikram Pandit’s effort to cut costs. Citigroup employed about 267,000 people at the end of the third quarter.
- Applications for U.S. home mortgages fell 10% in the week ending November 11. The decline erased the 10.3% gain of the previous week, as demand for refinancing disappeared. Meanwhile, the National Association of Home Builders’ housing market index for November will be released at 10 AM ET. Follow the release at Money Game >
- BONUS – Megan Fox has made her Broadway debut at Montblanc’s 24 Hour Plays.