Photo: Wikimedia Commons
Good morning. Here’s what you need to know:
- Asian markets were mostly up in overnight trading, with the Shanghai Composite an exception, down 0.38%. European indices are all higher this morning, and U.S. futures suggest a higher open. 10 Unusual Stocks Attracting Huge Interest In The Pre-Market >
- The housing market index from the National Association of Home Builders is released this morning at 10 AM ET. Numbers came in unchanged at an awful 13. Read the full release here >
- China has allowed the yuan to appreciate further against the dollar by changing the parity rate. The Chinese currency has moved 1% higher against the dollar in the last 8 days. This is one of our big stories to follow through the end of 2010, check out the other 9 here >
- AIG is set to list its Asian division in Hong Kong on October 29 in a bid to raise $15 billion. The move comes months after AIG failed to sell its Asian life insurance business, AIA, to the UK’s Prudential.
- The Chinese relationship with Japan has become increasingly unsteady over the past several days due to a conflict over a sailor Japan captured near disputed islands. Diplomatic meetings between the two countries have already been can canceled as a result of the sailor’s continued detention.
- The Indian company Sahara One Media is interested in purchasing MGM in a deal that would pay off half of the struggling U.S. film company’s debt. The debt, valued at $3.7 billion, has previously hampered the sale of MGM to other companies.
- The European bailout fund for indebted countries has received a AAA rating from the three major credit ratings agencies. The fund, called the European Financial Stability Facility, is currently valued at €440 billion. Here’s why Europe is doomed to crisis after crisis >
- Ireland is struggling to meet its goal of cutting its budget deficit to 3% of GDP by 2014 due to rising interest costs on debt, according to the country’s central bank chief. Costs are also continuing to rise on the bank bailout and tax receipts are lower due to declining prices. Here’s how Ireland got into this mess >
- The dollar remains lower against global currencies this morning, most notably the euro, of which it is at a five week low against. Nervousness about the result of this week’s FOMC meeting, and whether it will see a new round of quantitative easing, is keeping the currency low. Here’s why the Fed’s James Bullard thinks deflation is a threat to America >
- The U.S. government have labelled the BP Gulf of Mexico well involved in the explosion “effectively dead.” BP used a relief well to seal the well with cement on Saturday.
- Bonus: Katy Perry held a bachelorette party this Saturday in Las Vegas with Rihanna on hand in advance of her wedding to British comedian Russel Brand.