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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Nikkei up 0.5 per cent and the Shanghai composite down 0.3 per cent. European markets are higher across the board, led by the French CAC 40, up 1.3 per cent. Dow futures are up 40 points and S&P 500 futures are up 6 points.
- China inflation fell to 1.9 per cent in September, down from 2.0 per cent in August, providing another reminder of the slowing economy and perhaps paving the way for more monetary stimulus. Dylan Grice Sees One Positive Trend In China >
- Chinese export growth accelerated to 9.9 per cent and import growth accelerated to 2.4 per cent, but there were a few irregularities that gave the numbers a boost. There Were Some Controversial Chinese Trade Figures This Weekend — And Now The Market Is Delivering A Verdict >
- Japanese telecoms company Softbank will acquire a 70 per cent stake in U.S. wireless carrier Sprint Nextel. The deal is valued at $20 billion. Billionaire CEO Of Japan’s Softbank Describes Huge Stake In Sprint In One Fantastic Quote >
- The EU will announce a new round of sanctions against Iran to increase pressure on the regime following a Monday meeting of EU foreign ministers. The new sanctions will increase the scope of the bans on imports from and exports to Iran. THERE IS NO HYPERINFLATION IN IRAN–The Real Story Is Much More Interesting >
- Amazon is in talks to buy Texas Instruments’ mobile chip business. The acquisition of the chips, which are already used in Amazon’s Kindle Fire tablet device, would but Amazon in direct competition with Apple and Samsung, which also design their own chips.
- This weekend’s meeting of world finance ministers at the IMF is seen to have deepened the rift over how to address the global slowdown rather than having provided answers. The meeting was marked by blame cast amongst ministers for various aspects of the state of the global economy.
- Federal Reserve chairman Ben Bernanke delivered a speech on currency wars at the annual IMF meeting, taking on the idea that Fed easing policy is creating inflation in emerging market economies.
- The winners of this year’s Nobel Economics Prize are U.S. economists Alvin Roth and Lloyd Shapley. The Nobel committee recognised the economists “for the theory of stable allocations and the practice of market design.”
- U.S. retail sales rose 1.1 per cent in September, ahead of expectations of a 0.9 rise. The N.Y. Fed Empire State manufacturing survey reading rose to -6.14 after a -10.41 print last month, but missed expectations of a rise to -4. At 10 AM, business inventories numbers are released, and consensus expectations are for 0.5 per cent growth in August. We will have the numbers LIVE on Money Game >
- Bonus: Alessandra Ambrosio has a new runway protege.