Good morning. Here’s what you need to know:
- Asian indices were mostly down in overnight trading, with the Nikkei flat. European markets are slightly higher in early morning trading and U.S. futures suggest a lower open. Now see 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- Industrial production data came in worse than expected, falling 0.2% month-over-month. Read the full details here >
- Foreign direct investment in China has slipped to 6.14% year-over-year growth in September, or $8.38 billion. That is the second month in a row China has experienced only single digit growth in FDI. Here are 10 Chinese brands set to takeover U.S. households by 2020 >
- AIG’s IPO of its Asian division, AIA, already looks to be a success with demand so high that the offering is closing early. The share sale now looks likely to hit its $20.5 billion target. Check out these 12 snapshots into China’s wild IPO market >
- South Korea plans to increase its holdings of gold in an effort to diversify its central bank away from U.S. treasuries and the dollar. The dollar is currently 63% of the country’s reserves. Here’s a fantastic presentation on how to value gold >
- Ford will reduce its stake in Mazda even further, down to about 3%. Since 2008, Ford has cut its position in the company from 33% to 11% in an effort to raise capital.
- BHP Billiton and Rio Tinto are ready to back away from their planned Western Australia joint venture. The two have been under pressure from both Japanese and European Union anti-trust officials.
- Iran’s has expanded its influence in Iraq by brokering the deal for the new Iraqi parliamentary government. The country is now utilising its Shia connections in Iraq and driving decision-making with Syria and Hezbollah. Here are the threats the U.S. Air Force is really worried about >
- BP is selling $1.8 billion in oil assets to its Russian joint venture, TNK-BP, to pay for costs associated with the Gulf oil spill. The deal involves assets in Vietnam and Venezuela.
- The German push for new, automatic sanctions in the eurozone for countries that break deficit limits is being opposed by France. The region has set an end of October deadline for the deal.
- Citigroup came in slightly above estimates at $.08. Given the attention paid to foreclosure-gate and mortgage repurchases, this will be important to watch. Click here for analysis >
- Bonus: Tiger Woods’ payout to his divorced wife Elin Nordegren was $110 million, according to Radar Online. Here are some of the raunchy texts that got Tiger in trouble >
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