Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading, with the Shanghai Composite down 0.28%. Major European indices are all 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 >
- The Federal Open Markets Committee Meeting begins today. Economists surveyed by Bloomberg expect the Fed to announce asset purchases of $500 billion in a new round of quantitative easing. The announcement will be made tomorrow at 2:15 PM ET. Here’s everything you need to know about this week that will change everything >
- The Australian Central Bank made a surprise rate hike overnight, raising the cash rate from 4.5 to 4.75%. The Aussie dollar has moved higher, near to parity with the U.S., on the news. Check out the housing bubble forcing Australia to raise rates >
- The Indian Central Bank also hiked its interest rate for lending to corporations from 6.00 to 6.25%. The move comes as India prepares for more hot money to enter the country from the U.S.’ second round of quantitative easing. Here’s how other emerging markets are handling hot money >
- The European Union’s PMI came in better than expected at 54.6, beating expectations of 54.1. The index also showed growth over September’s disappointing 53.7, suggesting manufacturing is again returning to strength.
- A second Irish economist has suggested Ireland is on the brink of an IMF bailout, sending yields on the country’s debt to record highs. Karl Whelan of University College Dublin suggests the December 7 budget will be crucial in determining whether Ireland can find market stability. Here’s how Ireland got into this debt and bailout mess >
- BBVA is planning a €5 billion rights issue in the wake of its partial acquisition of Turkish bank Garanti. BBVA will own 24.9% of the Turkish bank, part of which is being purchased from GE.
- BP’s profit fell 66% in Q3 2010 due to costs associated with the Gulf of Mexico oil spill. The company has already secured asset sales worth $14 billion, but has a bill associated with the spill of $39.9 billion.
- U.S. elections today should dominate headlines, as Republicans are expected to surge and take back the House of Representatives. Follow our coverage of the results and check out the craziest things Tea Partiers believe here >
- Japan and Russia are involved in a diplomatic spat over a set of disputed islands Russian President Medvedev visited. The Japanese have recalled their ambassador from Moscow over the dispute. The islands are near others that Russia uses to ship liquefied natural gas.
- Bonus: Rihana says she’ll “never, ever” forgive herself for missing friend Katy Perry’s wedding in India.
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