Photo: AP Images
Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Nikkei tumbling 2 per cent and the Shanghai Composite rising 0.2 per cent. European markets are in the red with Spain down 0.7 per cent, and U.S. stock futures are down slightly.
- French industrial production growth accelerated to 1.6 per cent in August after a 0.6 per cent rise the previous month. The reading was the highest in four months and was well above consensus estimates of a 0.2 per cent contraction.
- Taiwanese exports, viewed as a proxy for the health of the Chinese economy, posted a sharp increase of 10.2 per cent year-over-year in September. The increase was well above consensus estimates of a 1 per cent rise as well as August’s 4.2 per cent contraction. However, the big gain may have been due to holiday seasonality.
- The IMF warned that European banks may have to sell as much as $4.5 trillion in assets in 2013 due to funding pressures if European leaders don’t act. This number is 18 per cent greater than the IMF’s last estimate, which it gave in April. The IMF also said the deleveraging could cause a 4 per cent contraction in the euro periphery in 2013.
- China’s top banking and finance officials will not attend the annual IMF and World Bank meetings in Tokyo this week in what has been deemed a “snub” of Japan. Relations between the two countries have been tense recently as a territorial dispute over the Senkaku/Diaoyu islands has escalated. Why Two Chinese Telecom Companies Have A Few Congressmen Completely Freaked Out >
- Alcoa cut its global demand forecast for aluminium to 6 per cent in 2012 from 7 per cent when the company released its Q3 earnings results, citing the slowdown in China. Alcoa beat estimates on both profits and sales. Now Comes The Worst Earnings Season Since The Financial Crisis >
- Toyota announced a recall of 7.4 million vehicles worldwide – the biggest global auto recall since 1996. The recall aims to address sticky window switches and includes 2.5 million vehicles in the United States. The 25 Hottest Cars In America >
- At 2:00 PM the Federal Reserve releases the October Beige Book report, which will give a glimpse of regional economic conditions around the United States. We will have the release LIVE on Money Game at 2:00 PM >
- Turkey is deploying 25 F-16 fighter jets to the country’s border with Syria in an apparent escalation of the conflict the two nations have recently engaged in. The two countries have shelled each other for eight days, and NATO yesterday declared it was ready to defend Turkey.
- The rise in gas prices in California is finally being reversed now that Valero Energy has been allowed to begin producing winter blend gasoline ahead of schedule.
- Bonus: Olivia Wilde talked about her personal life at a monologue reading in New York City.
Business Insider Emails & Alerts
Site highlights each day to your inbox.