Good morning. Here’s what you need to know.
- After yesterday’s late turnaround, global markets are sliding today. Asian markets were down in overnight trading with Hong Kong off 2.32%. Europe is sharply lower and U.S. futures are pointing to a lower open.
- European inflation rose to 3% in September from 2.5% the previous month, accelerating at its fastest pace in nearly three years. Meanwhile, unemployment stayed flat at 10% in August for the second straight month. But the number of people that were unemployed, fell by 215,000 compared to a year ago. Don’t Miss: The most miserable countries in Europe >
- German retail sales fell 2.9% in August, after rising 0.3% in July, that’s the steepest decline since May 2007. Though data released yesterday shows unemployment is falling, the European debt crisis impacted consumer spending. Check out 12 countries where consumers are about to spend like crazy >
- A barrel of economic data out of Japan today. Jobless rate fell to 4.3% in August, from 4.7% the previous month, despite that, consumer spending plunged 4.1% in August from a year ago, worse than expectations. Factory production rose 0.8% from July, the fifth straight month of recovery after the tsunami, meanwhile, core inflation climbed 0.2% from a year ago. Now here is the ultimate bear case on Japan >
- Personal income unexpectedly fell 0.1% in August while personal spending grew 0.2% in line with expectations >
- S&P and Fitch have cut New Zealand’s credit rating by one notch over concerns of its foreign debt to AA from AA+. The New Zealand dollar fell 1.5% immediately after the announcements.
- Germany voted in favour of expanding the EFSF yesterday but the big question now is whether Slovakia will approve it. EU commissioner Maroš Šefčovič has said Slovakia risks destroying its credibility if its tries to get an EFSF renegotiation or doesn’t vote in favour of the changes.
- After months of denials, New Jersey Gov. Chris Christie is now said to be “seriously considering” running for President in 2012. Christie was said to have been swayed after an aggressive effort by Republicans and donors that are unhappy with GOP candidates.
Chicago PMI rose to 60.4 in August, beating expectations, meanwhile consumer sentiment for September climbed to 59.4 >
- The credit-default swaps market is pricing Morgan Stanley as less creditworthy than most America and French banks, and perceives it to be as risky as Italian banks. The cost of buying swaps that protect against five-year Morgan Stanley debt default, rose to 456 basis points for every $10 million of debt insured, the highest since March 2009. Check out the 16 strongest banks in the world >
- BONUS – Eva Longoria and Tina Fey are the highest paid actresses on television according to Forbes.
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