10 Things You Need To Know This Morning


Photo: flickr / Alexandre Cardoso

Good morning. Here’s what you need to know.

  • Asian shares were mixed in overnight trading, with the Nikkei up 0.2 per cent and the Shanghai Composite down 2 per cent. Europe is down across the board, with Spain 1.5 per cent in the red. Dow futures are down 23 points and S&P 500 futures are off 4 points.
  • German producer prices rose 1.7 per cent from a year ago in September, ahead of estimates of a 1.6 per cent increase and led by rising fuel prices. Canada consumer prices are due out at 8:30 AM ET, and estimates are for a 1.3 per cent rise from a year ago.
  • The U.K. recorded its smallest September budget deficit since 2008 at 12.8 billion pounds, down from 13.5 billion pounds a year ago. However, Britain will still likely have trouble hitting its deficit targets.
  • EU leaders laid out a timetable for banking union plans at their latest summit Friday, saying the plans for a single bank supervisor could be implemented sometime in 2013. Europe’s Big Plan To Fix The Banking System May Be Illegal >
  • China’s top leaders have chosen preferred candidates to head up China’s new leadership team ahead of a once-a-decade transfer of power to take place next year, Reuters reports. Everything You Need To Know About China’s President-In-Waiting >
  • Microsoft missed sales estimates yesterday and is down 2 per cent in pre-market trading. The company cited a slowdown in Windows sales on account of a new version release out next quarter. Microsoft Was Asked A Critical Question About Its Future Yesterday–And Its Response Wasn’t Encouraging >
  • Chipotle missed both earnings and sales estimates yesterday, sending the stock down 10 per cent in after-hours trading. Another Huge Win For David Einhorn >
  • GE reported earnings in line with expectations this morning, but sales were slightly below estimates. The company said the fall in infrastructure orders was primarily driven by a decrease in wind turbine sales.
  • Google CEO Larry Page apologized on the company earnings call for the leaked announcement during market hours yesterday that sent Google’s stock tanking. The glitch was ultimately overshadowed by weak financial results.
  • September existing home sales data is due out in the U.S. at 10:00 AM ET. Consensus estimates are for 4.74M, down from 4.82M in August. We will have the numbers live. There’s A Troubling Dynamic Developing In The Market For New Homes >
  • BONUS: Fergie opened up to Oprah about her husband’s affair.

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