Good morning. Here’s what you need to know.
- Markets are turning around today. Asia was mostly up in overnight trading with the Shanghai Composite being the exception and falling 1.1%. European markets are up today and U.S. markets are surging.
- The German parliament voted 523-85 in favour of expanding the European Financial Stability Facility (EFSF). The plan will allow the EFSF to buy bonds in the secondary market, help recapitalize banks, and issue credit lines as a precautionary measure. Don’t Miss: Roland Berger’s presentation on the Hellenic recovery fund – a solution for Greece and Europe >
- Troika officials, consisting of members of the European Commission, the IMF and the ECB will visit Greece today after four weeks, to assess whether the country has met its obligations necessary to receive its next tranche of loans. Protestors gathered outside the finance ministry to prevent troika officials from entering the building, while Greece pressed on with new austerity measures. Now here’s who gets crushed if Greece defaults >
- Some economic data out of Europe. EU economic confidence plunged to 95 in September, from a revised 98.4 in August, falling more than expected to its lowest level in nearly two years. Now here are the 15 most bizarre economic indicators in the world >
- Meanwhile, German unemployment fell more than expected by a seasonally adjusted 26,000 to 2.92 million in September. Jobless rate eased to 6.9%, from 7% the previous month. Check out the countries with the worst youth unemployment >
- Final Q2 GDP data and initial jobless claims came out WAY better than expected. A 1.3% increase in real GDP beat expectations of 1.2% and initial claims beat expectations by a longshot, coming in at 391K versus an expected 420K.
- Ford plans to add 7,000 jobs across the U.S. over the next two years. It is however in talks to add as many as 10,000 workers, as it continues to negotiate with United Auto Workers which has been protesting labour cuts at the company.
- Nokia announced plans to layoff 3,500 employees. The cuts have come from the shutdown of a manufacturing plant in Cluj, Romania. The company also announced a cut in manufacturing and the consolidation of its location and commerce teams.
- Pending home sales fell 1.2% in August to 88.6.
- The Italian Treasury sold €7.86 billion of bonds at its auction today, but yield on its 10-year bond rose to a euro era high of 5.86%. Italy had to offer higher rates to attract investors after its S&P downgrade and as concerns over its debt mounted. The bond sale was lower than its maximum target of €9 billion. Click here to see the sad story of how Italy got to be such a wreck >
- BONUS – Jennifer Lopez bought an $18 million mansion in the Water Mill area of the Hamptons.
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