Good morning. Here’s what you need to know.
- Asian markets were higher in overnight trading, with the Shanghai Composite soaring 2.9 per cent and the Nikkei up 0.4 per cent. European markets are trading higher with the exception of Spain, down 0.4 per cent, and Italy, down 0.25 per cent. In the United States, the Dow is up 0.4 per cent and the S&P 500 is up 0.1 per cent.
- The strong rally in Chinese shares last night is thought to owe to a host of factors, including decent economic data, talk of regulators giving insurers permission to invest in banks, the market rising above an important level, and hopes that the new Chinese leadership will prioritise development over reform.
- Eurozone retail sales fell 1.2 per cent in October, well below expectations of a 0.2 per cent drop. The collapse in retail sales marks a significant acceleration from the 0.6 per cent drop recorded in September.
- A string of bad numbers continued in Italy when Services PMI fell to 44.6 from 46.0. Elsewhere in the eurozone, French Services PMI also fell slightly, to 45.8 from 46.1. In Germany, Services PMI actually rose to 49.7 from 48, just shy of crossing into expansion territory. Germany Might Be Pulling Off Another Economic Miracle >
- The U.K. is about to release its Autumn Statement, an outline of its budget and economic plans. Chancellor Osborne is slated to tell MPs that there is no “miracle cure” for the economic woes Britain faces. Follow the release of the Autumn Statement LIVE >
- President Obama is expected to urge business leaders to pressure Congress on raising the debt ceiling when he meets with them today at the Business Roundtable. The move follows initial offers on how to solve the fiscal cliff from both the White House and congressional Republicans. The Incredible Life Of John Boehner, The Most Powerful Republican In Washington >
- Workers at the ports of Los Angeles and Long Beach agreed to end a strike that was costing the U.S. economy $1 billion per day. The ports handle one-third of all U.S. container imports and left several goods stranded on ships right in the run-up to the holidays. Giant Photos Of The Critical Ports In Southern California That Strikers Have Brought To Its Knees >
- U.S. oil production hit a near 15-year high in September, rising 11 per cent from the year before. The gains were largely driven by the growth of fracking. The largest production increases were in Texas’ Eagle Ford formation and North Dakota’s Bakken Shale region. The Most Profitable Oil Field In The World Is Right Here In America >
- ADP Employment reported 118K net new private sector jobs created in November, down from 158K the month before and below expectations of 125K. At 10 AM, ISM Non-Manufacturing is released, with a fall to 53.5 from 54.2 expected. Also out at 10 AM is factory orders data, expected to be flat after rising 4.8 per cent last month. Follow the releases LIVE on Money Game >
- The Reserve Bank of New Zealand announces its interest rate decision at 3 PM ET, with the central bank expected to keep rates on hold at 2.5 per cent. The decision will mark RBNZ Governor Graeme Wheeler’s first decision as governor of the central bank.
- BONUS: Crystal Harris and Hugh Hefner reportedly filed for their marriage licence.