10 Things You Need To Know This Morning


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

  • Asian markets were mixed in overnight trading, with the Japanese Nikkei falling 0.2 per cent and the Shanghai Composite jumping 1.6 per cent. European shares are being led lower this morning by Spain and Italy, both down around 1 per cent. In the United States, markets are jumping after the jobs report.
  • HUGE BEAT for November nonfarm payrolls — 146K versus 85K expected. We were down -171K in October as the labour market continues to struggle with Hurricane Sandy-induced weakness. Unemployment ticked down to 7.7 per cent.
  • A magnitude 7.3 earthquake struck off the coast of Japan this morning, causing buildings in Tokyo to shake and prompting a 1-meter high tsunami warning to be issued. However, there have been no reports of major damage yet.
  • German industrial production fell 2.6 per cent in October from the previous month, well below economists’ consensus estimate of flat growth. The numbers stand in contrast with yesterday’s factory orders release, which seemed to point to a rebound underway in German manufacturing.
  • The German Bundesbank lowered its 2013 growth forecast to 0.4 per cent from 1.6 per cent, citing concerns over euro area growth. The revision follows significant downgrades to the ECB’s growth forecasts issued at yesterday’s meeting.
  • U.K. industrial production fell 0.8 per cent in October from the previous month, which was also well below economists’ consensus estimate of a 0.8 per cent rise. The slowdown was blamed on maintenance shutdowns in the oil industry and decreased beer consumption.
  • The Bank of England released the results of its quarterly inflation survey, revealing expectations of 3.5 per cent inflation over the next year, up from the 3.2 per cent inflation expectations recorded in August. The survey results reflect rising inflation in Britain and could help to curb the chances of additional monetary easing from the BoE.
  • The fiscal cliff is back on the agenda after taking a backseat over the past few days. The Wall Street Journal reported that talks have resumed between the White House and House Speaker John Boehner’s office, but observers are cautious as the two sides remain in deadlock over tax rates on top earners.
  • The December preliminary reading on University of Michigan Consumer Confidence is due out at 9:55 AM ET. Economists expect the index to fall to 82 from 82.7 last month.
  • Consumer credit figures for the month of October are released at 3:00 PM ET. Economists predict that credit fell to $10 billion from $11.365 billion the month before. Follow all of the releases LIVE on Money Game >
  • BONUS: Shakira shared her first ultrasound on Instagram.
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