10 Things You Need To Know This Morning

Jennifer Lopez 923

Photo: Wikimedia Commons

Good morning. Here’s what you need to know:

  • Most Asian markets were closed for holiday overnight. European indices are all lower, and U.S. futures suggest a lower open. Click here 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
  • Jobless claims data came in worse than expected and existing homes sales data barely beat expectations. Follow up to the minute coverage of the market reaction at Money Game >
  • Chinese Premier Wen Jiabao has spoke out against a 20% rise in the value of the yuan saying it would cause a massive increase in job losses and social chaos in China. Jiabao was responding to increasing pressure from politicians in the U.S. congress. Here’s everything you need to know about the conflict between China and Japan >
  • China has not banned the export of rare earth metals to Japan in response to the current crisis over the captured Chinese fishing boat captain, according to the Chinese government. China controls 95% of the world’s rare earth metal supply, which are key for high tech devices. Here’s your guide to China’s control of rare earth metals >
  • Eurozone private sector growth has dropped off to a 7 month low. The composite output index still shows growth at a higher than 50 53.8 for September, but a fall from August’s 56.2.
  • French trade unions are yet again targeting President Sarkozy’s pension reform with a 24-hour strike today. The trade unions want to halt the move to increase the retirement age from 60 to 62. Here’s the demographic reason why Europe is doomed to crisis after crisis >
  • A Bank of England economist has suggested that if the central bank does not gain control of inflation soon, it may need to raise interest rates to control the problem. The UK has endured 4 years of higher than its 2% mandate inflation. 
  • Ireland’s economy has taken a turn for the worse, with Q2 GDP numbers showing a 1.2% decline in growth, rather than the positive growth that was expected. Consumer spending fell at a rate of 1.7%, year-over-year, in Q2. 
  • Anglo Irish Bank’s subordinated debt has come under heavy pressure this morning as rumours spread that Ireland may have the bank restructure. CDS on the bank’s debt has also spiked as a result of the rumours. Here’s how Ireland got into this bailout mess >
  • The Republican Party is set to unveil its “Pledge to America” program today that will target tax cuts and reduced government spending as a ways to stimulate the U.S. economy. The party plans to target job creation and repeal policies that hamper employment growth.
  • Bonus: Jennifer Lopez has denied she will only eat yellow M&Ms as well as other odd requests in advance of her stint on American Idol, according to US Weekly.

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