Good morning. Here’s what you need to know.
- Asian markets were mixed in over night trading with the Shanghai Composite down 0.5 per cent on concerns about growth in 2013. Europe is selling off and U.S. markets are modestly lower.
- Spain saw important elections this weekend, with Catalonia voting for pro-independent parties. But Spanish media pointed out that the elections were a major setback for Catalonia’s current leader Artur Mas who is pushing to see the region split away from Spain.
- European policymakers are meeting again today, to reach an agreement on a financial aid program for Greece. Societe Generale’s Michala Marcussen writes, “While a German press report this weekend suggested that some form of “conditional” forgiveness could be on the cards as of 2015, the official position out of Berlin is that official sector debt forgiveness is not on the menu.”
- Latest data shows that average urban salaries in China climbed 12 per cent on the year in the first nine months, according to Bloomberg. Weaker profits have hurt wage gains and are likely to impact consumer demand. Now here are 8 big ways Chinese policies screw its citizens >
- A record 247 million people shopped online and in stores at this year’s Black Friday weekend. according to the National Retail Federation. Online sales reached over $1 billion for the first time.
- The Dallas Fed manufacturing survey for November is out at 10:30 a.m. ET. Expectations are for the business activity index to rise to 4.7. Follow the release at Money Game >
- Italian consumer confidence fell to 84.8 in November, from 86.2 the previous month. Now here are 44 charts that show why the world is doomed >
- The White House that has long argued to freeze taxes on the middle class, while raising taxes on the rich, has issued a new report titled ‘The Middle Class Tax Cuts’ Impact On Consumer Spending & Retailers’. But the report failed to consider the impact of the payroll tax. Meanwhile, Congress will resume fiscal cliff talks this week after the holiday weekend. The ultimate guide to the fiscal cliff >
- Egyptian president Mohamed Mursi is meeting judges today after a decree giving him sweeping new powers sparked massive protests across the country and hit Egypt’s stock market.
- South Korean consumer confidence climbed to 99 in November, rising from a nine-month low.
- Bonus – Halle Berry got an emergency protective order against her ex Gabriel Aubry after he got into a fight with her current lover Olivier Martinez.
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