Good morning Asia! Here’s what you need to know:
Markets tanked Tuesday in the U.S., due to pressure across sectors after the Chinese hiked rates
- Dow down 1.48%
- S&P 500 down 1.59%
- NASDAQ down 1.76%
Key U.S. News:
- Foreclosure gate returned to frighten financials, with Bank of America at the centre of the storm. The bank is being sued by the New York Fed and PIMCO over Countrywide mortgages.
- Bank of America and Goldman Sachs both beat earnings expectations.
- Gold and silver were both hit by the Chinese increase in interest rates, while the dollar surged.
- A leaked government document suggests the UK intends to cut a massive 490,000 public sector jobs by 2015.
- Protests continued today in France against the government’s plan to raise the retirement age from 60 to 62. Check out video of the protests here >
What to look for in Asia:
- South Korea unemployment data for the month of September is released at 7:00 PM ET. August unemployment was at 3.4%