Good morning. Here’s what you need to know:
- Asian indices were mostly higher overnight, with the Nikkei up 1.11%. European indices are mostly lower in morning trading and U.S. Futures suggest a lower open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- China and the U.S. have backed down from their more aggressive positions ahead of the G20 summit. Chinese leaders have said QE2 is pro-world growth while Tim Geithner has dismissed his earlier suggestion of restrictions on account balances. Here’s how emerging economies are fighting the hot money from QE2 >
- Qantas Airlines is continuing the grounding of Airbus A380s after it was found several engines on planes in the fleet had leaks. Shares of Qantas’ stock, as well as engine provider Rolls Royce, continue to be under pressure from the grounding.
- South Korea has discovered a rare earth minerals source within its borders. It intends to bring the minerals into production by 2012, a challenge to China’s dominance of the industry. Here’s why the rare earths bubble isn’t for real >
- Industrial output fell in Germany by 0.8% in September, a substantial miss. The country was expecting 1.5% growth.
- HSBC and Standard Chartered are fighting against new Basel III rules that would see increased restrictions on the capital banks can put at risk. The two believe global trade would be negatively hit my the new rules, and world GDP would fall as a result.
- Greece’s Prime Minister George Papandreou has called for unity amongst Greeks after his party lost seats in elections this weekend. Papandreou intends to push for more austerity measures in the country’s next budget. Here’s who gets pounded when Greece defaults >
- Irish sovereign debt yields have reached new highs as a near “buyer’s strike” has occurred on the market. An Irish economist has warned this morning of the threat of underwater mortgages to the banking system and Irish economy. Here’s how Ireland got into this mess >
- The value of the euro is collapsing this morning, possibly on the news of Ireland’s imminent need for ECB support. It could also be due to the weakness in the German industrial output numbers.
- Amazon is on the brink of buying Diapers.com in a a $540 million deal. The deal will see Amazon acquire the firm’s parent company Quidsi which also owns Soap.com.
- Bonus: Cougartown co-star Ryan Devlin says Courteney Cox is handling her breakup “gracefully.” Here ex-husband David Arquette had a crazy time at a pool party on Friday.
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