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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Shanghai Composite down 1.3 per cent, and closing below 2,000 for the first time in nearly four years. Europe is rallying after the Greek deal, and U.S. futures are flat.
- Last night, European policymakers agreed to a deal that would allow Greece to get €44 billion in three tranches. Policymakers eased terms by cutting rates on bailout loans, extending the deadline for Greece to repay the loans, and putting a Greek bond buyback on the table.
- Chinese industrial profits jumped 20.5 per cent year-over-year to 500.1 billion yuan ($80.4 billion) in October. Bank of America’s Ting Lu wrote that earnings bounced back because of ” lower base; falling raw material prices, inventory cycle and exports”.
- Durable goods orders for October was flat versus expectations for an 0.8 per cent month-over-month drop. Follow the release at Money Game >
- South Africa’s economy grew 1.2 per cent in the third quarter, compared to 3.4 per cent growth the previous quarter. GDP grew at the slowest pace since a recession in 2009 and was hit by the nation’s mine strikes. How South Africa blew its spot as the continent’s most promising economy >
- The OECD cut its global growth forecast and now sees global GDP climbing 2.9 per cent this year, and 3.4 per cent in 2013. This is down from a previous projection of 3.4 per cent and 4.2 per cent growth. SocGen: Here’s what the world will look like in 2013 and beyond >
- Late yesterday Intrade, a prediction market, issued a statement telling its U.S. customers to start shutting down their accounts. This comes after The Commodities Futures Trading Commission (CFTC) sued it for violating a ban on off-exchange options trading.
- The Case-Shiller home price index for September climbed 3.0 per cent year-over-year, which was a tad higher than expectations. The FHFA house price index for September comes out at 10 a.m. ET. Consensus is for a rise of 0.5 per cent mum. Follow the release at Money Game >
- President Obama is pushing ahead to garner support for a fiscal cliff deal. He is meeting with business executives at the White House and visiting a small business in Pennsylvania to make his case this week, Reuters reports. The ultimate guide to the fiscal cliff >
- ConAgra Foods is acquiring Ralcorp Holdings for $90 per share in cash. The deal is expected to total $6.8 billion including Ralcorp’s debt.
- Bonus – Rihanna said when it comes to relationships she likes her partners to take the lead.
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