Good morning. Here’s what you need to know:
- Asian markets were mostly down in overnight trading, with the Hang Seng an exception, up 0.20%. European indices are mostly higher in early trading, and U.S. futures suggest a positive open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market >
- Jobless claims for the week of October 23 came in slightly better than expected. Follow the release at 8:30 AM ET at Money Game >
- The Bank of Japan has launched a new, more aggressive round of quantitative easing, this time targeting low-rated corporate debt. The program may be expanded to REITs and ETFs at the bank’s next monetary policy meeting, which was pushed up to November 4-5. For background, see why quantitative easing doesn’t work alone >
- Agricultural Bank of China beat estimates with net income rising 30% to $3.6 billion in Q3. This is the first quarter for Agricultural Bank of China since their IPO, the world’s largest ever. Check out 12 snapshots from China’s wild IPO market >
- South Korea is considering instituting a Tobin Tax in an effort to combat hot money flows from the U.S. driving up asset values in South Korea. The country may also try a tax on foreign investment or a withholding tax on the earnings of individuals invested in the country’s bond market. Check out some other country’s plans to fight hot money >
- Hyundai’s Q3 profit surged a better than expected 38% to $1.2 billion. The company plans on raising prices for its vehicles and launching new brands in the U.S.
- Germany’s unemployment has fallen yet again, and is now at its lowest level in 18 years. The unemployment percentage remains at 7.5%, while economists predicted a fall to 7.4%.
- Spain has cut its budget deficit faster and more broadly than any other member of the PIGS. The country cut its deficit by 42% in the first three quarters of 2010.
- Royal Dutch Shell beat analyst estimates for Q3 earnings, bringing in $4.9 billion. The company’s liquefied natural gas sales increased by 22%.
- Wells Fargo has admitted to problems with its foreclosure filings and will resubmit 55,000 documents. The company, however, has no plans for a moratorium. Here are 15 signs the housing market is headed for a complete and total collapse >
- Bonus: Gossip Girl stars Blake Lively and Penn Badgley have split in real life, ending their 3-year relationship.
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