Good morning! Here’s what you need to know.
The US Senate Rejected The Keystone Oil Pipeline. The Senate voted 59-41, putting the bill one vote shy of the 60 it needed to reach the White House.
Nothing Is Over. “I look forward to the new Republican majority taking up and passing the Keystone jobs bill early in the new year,” incoming Senate Majority Leader Mitch McConnell said.
The Takata Airbag Recall Issue Just Got Much Worse. The US government announced Tuesday that it was calling for a nationwide recall of millions of cars due to potentially faulty airbags produced by auto parts giant Takata corporation. As many as 16.8 million cars around the world are reportedly affected by the recall.
Markets Are Mixed. US futures are essentially flat, with S&P futures down 1.6 points and Nasdaq futures up 0.5 points. In Europe, Britain’s FTSE is down 0.1%, France’s CAC 40 is up 0.2%, and Germany’s DAX is up 0.3%. Japan’s Nikkei closed down 0.3%.
Get Ready For FOMC Minutes. At 2 p.m. ET, the Federal Reserve will publish the minutes of its October FOMC meeting in which it ended its stimulative bond-buying program. Fed-watchers will be paying close attention to any language regarding jobs and inflation. From Credit Suisse: “The markets likely will be more interested in the discussion concerning the FOMC’s decision to drop its reference to the ‘significant’ underutilization of labour resources, which had been introduced just three months earlier. Additionally, the minutes may shed light on the Committee’s surprisingly balanced characterization of inflation, which could have been considerably more dovish, given the notable decline in key measures of inflation expectations in advance of the October meeting.”
Keep An Eye On Housing Starts. At 8:30 a.m. ET, we’ll get data on US housing starts and building permits. Economists estimate starts climbed 0.8% in October to a pace of 1.025 million units. Permits are estimated to have climbed by 0.9% to 1.040 million. “We expect a decent increase in multifamily building as suggested by the gain in building permits,” Bank of America Merrill Lynch economists said. ” We look for little change in single family, however. Homebuilder sentiment generally remains positive, as suggested by the NAHB survey. Moreover, weather conditions were generally favourable in October, which should support homebuilding.”
The Shanghai-Hong Kong Stock Exchange Link Has Slowed To A Trickle. Purchases of mainland Chinese stocks have dropped to just one-tenth of what they were Monday, leading some analysts to call the link-up a “ghost train,” according to Bloomberg.
Hong Kong Protesters Tried To Break Into The Parliament Building. Hong Kong police clashed with pro-democracy demonstrators Wednesday after a small group attempted to break into the city’s legislature.
BNP Paribas Might Face An Insider-Trading Probe. According to sources who spoke to the Financial Times, French prosecutors have started a preliminary prosecution against the bank.
World Bank Expects The Cost Of Ebola To Be Limited. “The World Bank now expects the impact of the Ebola epidemic on Sub-Saharan Africa’s economy to be around $US3-$US4 billion, well below a previously outlined worst-case scenario of $US32 billion, the bank’s chief economist for the continent said on Wednesday,” Reuters’ Joe Brock reported.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.