Good morning. Here’s what you need to know:
- Major Asian indices were all lower in overnight trading with the Hang Seng down 1.03%. European markets are mixed in early trading and U.S. futures suggest a higher open. Get ahead with 10 Unusual Stocks Attracting Huge Interest In The Pre-Market Right Now >
- Case Shiller numbers barely beat expectations, at 3.2% growth. Consumer Confidence plunged for September, with a big drop over August’s number. Follow up to the minute coverage at Money Game >
- It remains unknown whether China has actually banned the export of rare earth metals to Japan, but Japan’s economic minister says such a ban could have a “big impact” on his country’s economy. There are confirmed problems at customs with rare earth metals. Here’s the full story behind the current Japan-China diplomatic spat >
- Kim Jong-il appears to have lined up his son Kim Jong-un as successor to him by appointing him general in North Korea. It is uncertain whether the rest of the country’s leadership will support Jong-un after his father dies. Here’s everything we know about Kim Jong-un >
- The CIA has expanded drone attacks in Pakistan in an effort to stop the planning efforts in the country. The move specifically targets the planning base for a potential attack on Europe. Here are the threats the U.S. Airforce is really worried about >
- Michelin has declared the crisis over for the automobile industry and is aiming for €1.2 billion issue to fund expansion. The tire manufacturer intends to increase capex from €1 billion this year to €1.6 billion next year.
- S&P has put a €35 billion price tag on the Irish government’s bailout of Anglo Irish Bank. The result has been spiking bond spreads, now up to 450 bps between the bund and Irish debt, and 5-year CDS prices rising to 506 bps. Here’s how Ireland got into this bailout mess >
- The UK’s big jump in Q2 growth to 1.2% was fuelled by the largest increase in government spending since 2008. Austerity programs could hit that growth, leaving consumer spending to fill the gap.
- Boeing has reiterated its plans to meet the early 2011 deadline for delivery of the Dreamliner aircraft. The process was delayed by difficulty with engine production at Rolls Royce, but that production is now back on schedule. Click here for the 15 worst airports in America >
- Rahm Emanuel will likely end his tenure as White House chief of staff by the end of this week to focus on running for the mayor of Chicago. Peter Rouse, current senior advisor, is being mentioned as a potential replacement.
- Bonus: Lindsay Lohan is demanding 10K for a photo of her wearing her tracking bracelet, post bail.