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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Nikkei down 1.19 per cent as investors were disappointed by the latest central bank action. Europe is mostly higher and U.S. futures are flat.
- John Boehner has called for a floor vote for his ‘Plan B’ bill today which would allow Bush era tax cuts to expire only for incomes of over $1 million. Boehner’s plan would raise just $300 billion in revenue and president Obama has threatened to veto the bill.
- The Bank of Japan increased its asset purchase program by 10 trillion yen to 76 trillion ($906 billion). This was the third time in four months that it expanded its asset purchase program. Incoming prime minister Shinzo Abe has been pressuring the central bank to do more to bolster the economy.
- Q3 GDP was revised up to 3.1 per cent beating expectations. Meanwhile, initial jobless claims came in higher than expected at 361K.
- Greek borrowing costs continue to decline driven by optimism that the recent bailout deal has helped turn the corner. 10-year yields are down to 11.649 per cent today.
- Google is selling its Motorola Home business to Arris Group for $2.35 billion in cash-and-stock. Google is selling its set-top box business as it focuses on expanding its presence in the smartphone market. Now here is every investment fad and theme from 1996 on >
- Existing home sales for November and the FHFA house price index for October are out at 10 a.m. ET. Expectations are for existing home sales to rise to a 4.9 million annual rate, and for house price index to rise 0.3 per cent month-over-month. Follow the release at Money Game >
- Herbalife’s stock took a beating yesterday after it was reported that Bill Ackman had shorted it calling it little more than a ‘pyramid scheme’. This also sparked some sharp words from the company’s CEO. Ackman will present his short thesis at a special Sohn Conference foundation gathering in Midtown Manhattan today.
- The IntercontinentalExchange is in talks to buy NYSE Euronext and the announcement could be expected as early as this week according to Bloomberg. Shares of NYSE Euronext were up 21.41 per cent after hours.
- UK retail sales including fuel were unchanged in November falling 0.7 per cent, missing expectations for a 0.4 per cent increase.
- Bonus – Homeland star Claire Danes gave birth to baby boy Cyrus Michael Christopher Dancy.
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