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Good morning. Here’s what you need to know.
- Asian markets were mostly higher in overnight trading with the Shanghai Composite down 0.51 per cent, but the Bombay Stock Exchange up 1.75 per cent after Goldman Sachs upgraded its recommendation on India. Europe is rallying and U.S. futures are higher.
- Italian borrowing costs fell at a bond auction this morning. Italy sold €2.9 billion of 10-year bonds at a yield of 4.45 per cent and €3 billion of 5-year bonds at 3.23 per cent. However demand for both was down.
- Q3 GDP was up 2.7 per cent on the quarter, slightly below expectations of 2.8 per cent. Meanwhile, initial claims ticked lower to 393K, above expectations of a drop to 390K.
- Fiscal cliff talks will continue today as Tim Geithner and top White House aide Rob Nabors meet with four House and Senate leaders to try and resolve the fiscal cliff. Meanwhile, President Obama has signaled that he won’t insist on taxes for wealthy Americans rising to Clinton-era highs. The ultimate guide to the fiscal cliff >
- The number of people out of work in Germany climbed by 5,000 in November to 2.94 million. The unemployment rate stayed at 6.5 per cent.
- Euro area economic confidence unexpectedly climbed to 85.7 in November, from 84.3 the previous month.
- Jose Manual Barroso, president of the European Commission, unveiled a new plan for the survival of the euro zone. Under the new plan, the euro zone would assume the powers of a national government with one treasury and the right to tax or issue bonds overseen by Brussels. SocGen’s presentation on markets, economics, and what will happen in 2013 >
- Bombs in two Shi’ite Muslim cities in southern Iraq killed 30 people. Tensions between Shias, Kurds, and Sunnis have increased since the U.S. withdrawal, according to Reuters.
- Pending home sales for October will be out at 10 a.m. ET, followed by the Kansas City Fed manufacturing index for November at 11 a.m. ET. Expectations are for pending home sales index to rise 1 per cent month-over-month and for the manufacturing index to rise to -1. Follow the release at Money Game >
- Japanese retail sales fell 1.2 per cent year-over-year in October. Auto and television sales were hit, and the latest data adds pressure on the government to stimulate the economy.
- Bonus – US Weekly is reporting that Jessica Simpson is pregnant again.
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