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Good morning. Here’s what you need to know.
- In overnight trading, the Nikkei was up 1.4 per cent while the Shanghai Composite was flat. European markets are higher across the board with Spain leading, up 2.5 per cent. Dow futures are up 30 points and S&P futures are up 4 points.
- Vikram Pandit has resigned as CEO of Citigroup and given up his position on the board of directors. Michael Corbat has been named the new CEO.
- Markets were higher on reports that Spain was closer to requesting access to a credit line that would make them eligible for ECB bond purchases.
- The German ZEW survey of economic sentiment rose to a -11.5 reading, beating expectations of a -14.9 print. The eurozone consumer price index rose 0.7 per cent from last month and 2.6 per cent from last year, right in line with expectations.
- Chinese tech giant ZTE, the target of a recent U.S. congressional report warning businesses not to engage in dealings with the firm, sold its surveillance systems business over concerns that it painted ZTE as a security threat.
- Goldman Sachs posted a strong beat on earnings, reporting $2.85 per share versus analysts’ estimates of $2.28. Revenue for the quarter was $8.35 billion. Investment banking revenue was up 49 per cent.
- Coca-Cola reported earnings of $0.51 per share, right in line with analysts’ expectations. Johnson & Johnson reported earnings of $1.25 per share versus the $1.22 expected.
- September consumer prices rose 0.6 per cent in the U.S. from the month before. Economists had expected a 0.5 per cent rise.
- At 9:15 AM ET, U.S. industrial production is released. Economists expect 0.2 per cent growth after a 1.2 per cent contraction last month. Finally, at 10:00, the NAHB Housing Index is released, and economists expect a 41 reading, up from 40 last month. We will have the releases LIVE on Money Game >
- The next presidential debate between Mitt Romney and Barack Obama is tonight. Markets will be watching to see if Obama can regain momentum from Romney after a lackluster performance at the last debate.
- Bonus: Kristen Stewart and Robert Pattinson are hanging out in public again.