Good morning. Here’s what you need to know:
- Asian markets surged in overnight trading with the Nikkei up 2.86%. European indices are mostly lower in early morning trading and U.S. futures suggest a lower open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market >
- The employment situation report came in way better than expected, with 151,000 new jobs in October. Check out analysis here >
- The pending home sales index is released at 12:30 PM ET and is expected to rise for the third consecutive month. Don’t believe in the housing recovery? Check out 15 reasons the housing market is heading for a complete and total collapse >
- Japan’s new quantitative easing program is under pressure to expand just hours after creation, as exporters worry about a strengthening yen. The plan is now limited to the purchase of AA rated JREITs and ETFs of the Nikkei 225 and the Topix. Here’s why quantitative easing didn’t work in Japan before >
- Toyota’s Q2 profit surged, quadrupling year-over-year to $1.2 billion. The company is simultaneously dealing with the rising value of the yen, but seems to be doing just fine.
- China has lashed out at the Federal Reserve’s quantitative easing policy and dismissed the U.S. plan to limit current account balances. The comments come ahead of the next G20 summit, where the two hoped to sort out a deal, which now seems unlikely.
- Qantas has blamed the design of the Airbus A380 and the Rolls Royce engine that exploded for the midair accident yesterday. The company says that they intend to ground the fleet for at least 24 more hours.
- Vietnam has jacked up its interest rates 1% in a surprising move meant to deal with rising inflation in the country. It is likely Vietnam is under pressure from hot money flows entering the country through U.S. quantitative easing policy. Check out what countries are doing to combat U.S. hot money >
- Yields on Irish sovereign debt continue to spike this morning, and are now close to the point where the country may make use of the European Union bailout fund. Yields are above 7.7%. Here’s how Ireland got into this mess >
- President Obama looks ready to relent on the extension of the Bush tax cuts for all Americans, including the top 2% of earners. In his first concession since the midterm loss, Obama is offering this deal for the short-term, rather than as a permanent tax cut. Here are the cuts Republicans may try to make in office >
- Bonus: Jessica Alba claims she doesn’t like being the centre of attention in films, saying she is “shy.”
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