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Good morning. Here’s what you need to know:
- Asian markets fell again in overnight trading, with the Shanghai Composite down 1.92%. Major European indices are mostly higher in early trading and U.S. futures suggest a positive open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- Chinese markets fell again last night on further worries over inflation, with consumer confidence falling for the first time in six quarters. The government is currently preparing policies to fight rising commodity prices in the country. Check out how the world is on the brink of an inflation deluge >
- U.S. Consumer Price Index (CPI) data for October show still no inflation. Read analysis here >
- Housing starts unexpectedly plunged to 519,000, the lowest in 18 months. Read analysis here >
- The Irish crisis continues today, with the IMF flying in for talks tomorrow on how to deal with the country’s banking sector crisis. Ireland’s finance minister has said his country will accept EU support if necessary to backstop his country’s banking sector. Here’s how Ireland became the biggest crisis in Europe >
- The UK has backed plans to support Ireland, even though it is not a eurozone member. The country has expressed willingness to provide funds for any sort of banking sector bailout for the country, as it is in its own “national interest.”
- The Irish crisis is being felt across the eurozone today. Portugal sold €750 million in 12 month debt, but the yield rose to 4.813% from 3.260% at a similar auction two weeks ago. Both Spain and Italy have seen the cost to insure their sovereign debt rise, according to CMA. Here are the countries most likely to default >
- Greece is also in further trouble this morning, with the latest part of its bailout loan being delayed. The Austrian finance minister said that Greece would not receive the next tranche of its loan until January, rather than in December, as eurozone officials are still waiting for data from the country. Here’s who gets pounded if Greece defaults >
- The FDIC, along with the FBI, is conducting 50 criminal probes into failed banks. The probes will focus on bank executives, and be civil as well as criminal in nature.
- The GM IPO may expand by 31% as a result of sales by the U.S. Treasury and the auto workers retirement fund. This could increase the amount raised by the IPO to $15.8 billion. Check out the GM IPO presentation >
- Bonus: Singer Pink is pregnant with her first child, with husband Carey Hart.
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