Good morning Asia! Here’s what you need to know:
- U.S. markets closed slightly higher, with the NASDAQ up 0.65%. The spike in food prices continued, with corn surging 4.18% in the U.S. Click here for the 25 countries that would get crushed in a world food crisis >
- Confidence that the U.S. Federal Reserve will be initiating another round of quantitative easing increased as a result of FOMC minutes released Tuesday. Here’s why Fed uber-dove James Bullard thinks deflation is threatening America >
- Intel earnings and revenue came in better than expected, although the iPad could be cutting into netbook sales, impacting the sale of Atom chips for Intel.
- Australian Prime Minister Julia Gillard intends to target ambitious economic reforms in her country, even if her government is weak. Those reforms will likely centre on tax policy and Australia’s education system.
- Japanese machinery orders data is released at 7:50 PM ET. Orders are expected to fall 3.8%, month-over-month, for the August period.
- Japanese Prime Minister Naoto Kan and Chinese Premier Wen Jiabao look set for talks at the ASEAN summit, later this month. The two country’s were involved in a diplomatic crisis in recent weeks, in which China may have banned the export of rare earth metals to Japan. Check out the root of that diplomatic spat >
- China has ignored a planned meeting with Norway for the second time after the country awarded the Nobel Peace Prize to a Chinese dissident. The two were meant to discuss their bilateral fishing trade.
- OPEC members are preparing for their meeting on Thursday in Vienna, where the competition between Iran and Iraq is likely to be front and centre. The main story to watch is the rise of Iraq, vis-a-vis the organisation’s other members.
- Emirates Airlines chief Tim Clark has fought back complaints from rival European carriers over his company’s use of plane-export subsidies. Clark has described their accusations as “nonsense.”
- French CPI data is released at 1:30 AM ET. The expectation is for 0.2% growth.
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