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Good morning. Here’s what you need to know:
- Asian markets were higher in overnight trading, with the Hang Seng up 1.45%. European markets are all higher in morning trading, and U.S. futures suggest a higher open.
- The U.S. Treasury will release the government’s September budget estimates at 2PM ET. A deficit of $32 billion is expected. Follow up to the minute coverage of the release at Money Game >
- The Governor of the Bank of Japan has reiterated his country’s policy of intervening in markets through asset purchases. His comments indicate the $61.1 billion fund to purchase assets like ETFs and REITs could be expanded in the future. Here’s why Japan needs to buy more assets >
- Japanese machinery orders rose unexpectedly in August, 10.1% over the previous month. Orders were expected to decrease by 4%, though many of the August buys were one-off purchases.
- China’s trade gap has narrowed to $16.9 billion for the month of September, with export growth declining to 25.1% from August’s 34.4%. This indicates a slowdown in the global economy, though Q3 was China’s largest surplus quarter since 2008. Here are 10 Chinese brands set to takeover U.S. households by 2020 >
- Standard Chartered is moving quickly to address Basel III requirements, offering a £3.3 billion ($5.24 billion) rights issue. The move to raise capital will allow the bank to remain aggressive in emerging markets, according to its CEO.
- UK consumer confidence has collapsed ahead of heavy government spending cuts, signaling declining hopes for the country’s economy. Applications for unemployment benefits rose to their highest levels in the last eight months. Think the UK is bad, here’s why Europe is doomed to demographic crisis after crisis >
- The dollar continues to get slammed this morning as a result of the Fed’s dovish position on quantitative easing 2. The dollar index is now down to 77.31.
- As many as 40 state attorney generals are about to launch a coordinated investigation into mortgage foreclosure fraud. The state AGs intend to push for a revamp of the system. Check out Christopher Whalen’s terrifying presentation on the 2011 foreclosure crisis >
- JPMorgan beat earnings expectations this morning, coming in at $1.01 per share, rather than the $0.88 expected.
- Bonus: Christina Aguilera and her husband have separated, but not yet divorced, according to reports from Us Weekly.
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