10 Things You Need To Know This Morning

Photo: AP/Invision/Jordan Strauss

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

  • In overnight trading, the Nikkei fell 0.15 per cent while the Shanghai Composite rose 0.1 per cent. European markets  are down slightly with the exception of Spain, which is up 0.6 per cent. S&P 500 futures are up 4 points and Dow futures are up 23 points.
  • The European Union has been awarded this year’s Nobel Peace Prize. The Nobel Committee said in a statement, “The union and its forerunners have for over six decades contributed to the advancement of peace and reconciliation, democracy and human rights in Europe.”
  • Joe Biden and Paul Ryan squared off last night in a vice presidential debate, addressing a wide range of topics including the economy, foreign policy, and social issues. CNN POLL: Paul Ryan Sailed Past Joe Biden In VP Debate >
  • Eurozone industrial production unexpectedly rose 0.6 per cent against expectations of a 0.4 per cent decline. The number was bolstered by summer demand for food and French car production.
  • New bank loans in China totaled 623.2 billion yuan, well below analysts’ estimates of 700 billion yuan. The weak lending number reflects the slowdown in the Chinese economy despite massive liquidity injections. Chinese Banks Could Be Delivering A Blow To The Nation’s Economy >
  • Iranian oil output sank to its lowest level in 23 years as Western sanctions weigh on the economy, said the International Energy Agency in a report. THERE IS NO HYPERINFLATION IN IRAN–The Real Story Is Much More Interesting >
  • Six companies, including Royal Dutch Shell, BP, and Vitol, are preparing to begin exporting oil from the United States. This will be the first time in decades that the U.S. has played a role as a significant oil exporter. American Energy Companies Have Been Almost Completely Shut Out Of Iraq’s Oil Fields >
  • A fourth South African trucking union has ended the transportation strikes that have brought the economy to a standstill in recent weeks after reaching an agreement over wages with employers.
  • JPMorgan kicked off financial reporting season when it announced a solid beat on both revenue and earnings. In the announcement, Jamie Dimon predicted that housing had turned the corner.
  • University of Michigan Consumer Confidence unexpectedly rose to 83.1 versus estimates of 78.0, the highest since September, 2007. The U.S. Producer Price Index increased 1.1 per cent, ahead of the consensus estimate of 0.8 per cent.
  • Bonus: Britney Spears has a ton of money.

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