Good morning. Here’s what you need to know.
- Asian markets were up in overnight trading with the Nikkei up 2.82%. Europe is sharply higher and U.S. futures are trading up.
- The U.S. senate reached an agreement Monday, to avoid a government shutdown and ease tension over aid to victims of natural disasters. Senators approved legislation to finance the government till November 18, including $2.5 billion for federal disaster resistance.
- Greek prime minister George Papandreou is in Berlin for two days before European leaders vote to ratify the European Financial Stability Facility. He is said to have promised “superhuman” efforts before a vote in Athens on a property tax needed to avoid default. Don’t Miss: Here’s who gets crushed if Greece defaults >
- Japanese finance minister Jun Azumi said Japan may buy more European bonds if the eurozone were to implement a proper system to bail out the continents debt-ridden economies. He also said that if the yen were to rise excessively, Japan would intervene in the currency market.
- Commodities have staged a comeback today on optimism in the eurozone. Spot gold jumped 3% to $1,676.69 an ounce, and brent crude LCOc1 rose above $106 a barrel. Quiz: Do you know who produces the worlds biggest commodities >
- S&P Case-Shiller home price index fell 4.1% from a year ago. Meanwhile, consumer confidence climbed to 45.4 but missed expectations >
- Germany cut its Q4 debt-sale plan after tax revenues exceeded expectations. The government is expected to cut borrowing by €16 billion, a 24% reduction. This is Germany’s second quarterly reduction this year and brings debt sales down by €27 billion, from the original €275 billion figure.
- Italy sold €14.5 billion of treasury bills and bonds at an auction today. It sold €8 billion of 182-day bills with 3.071% yield up from 2.14% last month. Meanwhile, Spain sold €3.22 billion of treasury bills just below the maximum target. Yields on three-month and six-month debt rose but demand for three-month bills fell significantly.
- After releasing a report yesterday saying Apple had cut its Q4 iPad orders from its Asian supply chain partners by 25%, JP Morgan USA clarified that the report was from its Asian arm and didn’t reflect views of the U.S. team.
- U.S. treasury secretary Tim Geithner said that European governments have stepped up their response to the debt crisis after countries from around the world talked about the impact of on their economies. At the IMF meeting, Geither had warned of “cascading default, bank runs and catastrophic risk” if the situation wasn’t brought under control. Now here is your big roadmap to the big week ahead for Greece and the euro >
- BONUS – Katie Holmes is set to guest-star in How I Met Your Mother’s Halloween episode.
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