10 Things You Need To Know This Morning

anne hathaway

Photo: AP Photo/Chris Pizzello

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

  • Asian markets were mostly lower in overnight trading with the Shanghai Composite down 0.4 per cent hitting a new 2012 low. Europe is mixed and U.S. futures are flat. This is following a huge gain around the world on Monday.
  • Foreign direct investment in China fell 0.2 per cent in October from a year ago to $8.31 billion. FDI inflows fell 3.5 per cent in the first 10 months. A complete guide to China’s tectonic power shift >
  • U.S. Secretary of State Hillary Clinton is headed to Jerusalem, Ramallah, and Cairo to meet with leaders in the region and to “support de-escalation” of the violence, according to Ben Rhodes, deputy national security adviser. The death toll in the Gaza Strip has reached 116 according to latest reports and Israel has postponed the decision on a land invasion.
  • Moody’s downgraded France’s credit rating from Aaa to Aa1 and maintained its negative outlook.
  • The Bank of Japan refrained from monetary easing, maintaining the asset fund at 66 trillion yen ($812 billion). BoJ governor Masaaki Shirakawa pushed back against pressure for unlimited easing saying he wants to “respect the BoJ’s independence”. Everyone interested in economics should be fascinated by the upcoming Japanese election >
  • Housing starts have come out much better than expected. Meanwhile, Ben Bernanke is speaking at the Economic Club of New York at 12:15 p.m. ET today. This will be followed by a 20 minute Q&A.  Follow the release at Money Game >
  • Euro zone finance ministers are expected to give approval for the next tranche of loans to Greece when they meet today. The money is unlikely to be released before December however. Now here are 10 big stories that investors will be dealing with for years >
  • Commodity trader Glencore’s shareholders voted in favour of its $31 billion takeover of miner Xstrata. Glencore is Xstrata’s largest shareholder and Xstrata’s shareholders are expected to vote on the deal later today.
  • Former UBS trader Kweku Adoboli has been found guilty on one count of fraud in London. The jury is still deliberating on five other counts.
  • In earnings news, Best Buy reported adjusted earnings of $0.03 per share, which was well below the $0.12 per share expected by analysts. HP also reported disappointing financial results and guidance.  However, the computer giant shocked investors by announcing a surprise $8.8 billion write-down due to accounting “improprieties.”  The stock is plunging in premarket trading.
  • Bonus – Anne Hathaway told The Hollywood Reporter that she wants to have a baby.

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