Good morning. Here’s what you need to know.
- Asian markets were higher in overnight trading, with the Nikkei and the Hang Seng both rising 1 per cent. European markets are higher across the board after a down day yesterday, with Spain an Italy both up 1.1 per cent. In the United States, Dow futures are up 60 points while S&P 500 futures are up 9 points.
- Greece unveiled its 2013 budget today, forecasting 189.1 per cent debt-to-GDP next year. The budget needs to be approved by November 11 in order for Greece to secure more aid from troika lenders.
- Cleanup in the aftermath of Hurricane Sandy enters a second day today along the eastern seaboard of the United States. Public transportation in New York City remains scarce after the subway system took on the worst damage in its history. Hurricane Sandy Just Made The Upcoming Economic Data Meaningless >
- The presidential election race resumes today after a brief pause during the storm, with election day now only six days away. Governor Romney will resume campaign appearances today in Florida, while President Obama will resume appearances Thursday after a tour of the damaged caused by the storm in New Jersey today.
- Disney acquired Lucasfilm, the company that owns the rights to the Star Wars franchise, for $4 billion. A new Star Wars film is slated for release in 2015, with creator George Lucas staying on as a creative consultant. George Lucas Has Big Plans For His Vast New Fortune >
- South Korean industrial output missed expectations and Japanese PMI numbers fell to an 18-month low, indicating a deeper manufacturing contraction. The new data suggest that perhaps an economic rebound in Asia is premature.
- German retail sales grew 1.5 per cent last month, well above consensus estimates of a 0.3 per cent gain. The better than expected data caused the euro to rally against the dollar.
- ArcelorMittal, the world’s largest steelmaker, posted a loss nearly three times larger than expected today, citing a slowdown in demand from China. CEO Lakshmi Mittal said that the slowdown caused choppy trading conditions in Q3 that are likely to continue into Q4.
- The New York Stock Exchange will resume normal trading today after being shut down Monday and Tuesday due to the storm. Traders At The NYSE Have No Internet And Their Bloomberg Terminals Don’t Work >
- At 9:45 AM ET, the October reading of the Chicago PMI index is released. Consensus estimates are for a rise to 51.4 from 49.7 last month, which would indicate a shift from contraction in manufacturing activity to expansion. We will have the releases LIVE on Money Game >
- BONUS: Heidi Klum had to cancel her annual Halloween party due to Hurricane Sandy.
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