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Good morning. Here’s what you need to know:
- Asian indices were mostly lower in overnight trading, with the Hang Seng down 1.02%. European markets are all higher in morning trading, and U.S. futures suggest a positive open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- Gold continued its surge overnight, and is now over $1420. The dollar has been falling simultaneously. Here’s a fantastic presentation on how to value gold >
- China has increased capital controls on foreign investments in the country in response to the second round of quantitative easing from the United States. The move targets equity investments by foreign companies in China and yuan speculation. Here’s a guide to how developing countries are responding to America’s latest round of quantitative easing >
- Japan’s trade surplus has spiked to $24.25 billion in September, a 24% year-over-year increase. The surge could bring Japan front and centre at the G20 on discussions over trade imbalances.
- Vodafone is continuing its strategy of shedding minority investments by selling its stake in Japanese firm Softbank for $5 billion. The telecom giant plans to use the money to pay down debt and to reinvest.
- UK manufacturing growth continued for the fifth straight month, but also missed expectations. Growth for September was at 0.1% while the market forecast was for 0.2% growth.
- Barclays profits fell dramatically in Q3 2010 from Q3 2009, down 76%. The company’s investment banking division posted a loss, but emphasised the strength of its capital ratio.
- Irish bond yields continue to rise this morning, and now are approaching 8%. Olli Rehn, EU Economic and Monetary Affairs Commissioner, said that the EU may consider changing the current deal for €15 billion in budget cuts with Ireland. For background, here’s how Ireland became the biggest basket case in Europe >
- BP and Transocean have been cleared of choosing cost over safety in the Gulf oil spill disaster. The two have been judged to have misunderstood the results of a test, rather than actively chosen to cut corners. Here’s what Whitney Tilson thinks of BP >
- India has backed the Federal Reserve’s second round of quantitative easing in comments made during President Obama’s trip to the country. The support is likely motivated by the positive results of the President’s trip. Here’s the big arms deal that made Obama’s trip to India worthwhile >
- Bonus: Christina Aguilera has been dating the set assistant of her latest film Burlesque just weeks after parting ways with her husband.