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Good morning. Here’s what you need to know.
- Asian markets were higher in overnight trading with the Shanghai Composite up 0.85 per cent after Chinese vice premier Li Keqiang said urbanization continues to be a priority, boosting construction stocks. Europe is higher and U.S. futures are modestly higher as well.
- Late yesterday we started seeing details about the White House’s “opening offer” on the fiscal cliff. The White House is reportedly looking at $1.6 trillion in tax hikes and $400 billion in Medicare and other spending cuts. President Obama is also said to be pushing to end the debt ceiling. The ultimate guide to the fiscal cliff >
- German retail sales unexpectedly fell 2.8 per cent month-over-month in October. This raised concerns that domestic consumption will not help offset the blow to the economy from declining exports.
- Eurozone unemployment hit a record high of 11.7 per cent in line with expectations. Meanwhile, Italy’s unemployment rate climbed to an 8-year high of 11.1 per cent. Goldman: These 10 stories will dominate 2013 >
- Facebook and Zynga have changed the terms of an agreement they struck two years ago. A new SEC filing shows that as of March, Facebook will be able to develop its own games and Zynga won’t have to use Facebook ad units or payments system on its other game sites. Zynga is down 8.4 per cent in pre-market trading.
- Teva Pharmaceuticals is taking a hit in pre-market trading, after forecasting 2013 full-year earnings per share of $4.85 – $5.15, missing Wall Street estimates of $5.63. It’s revenue forecast was also below Street expectations.
- Personal income and outlays for October will be out at 8:30 a.m. ET, followed by Chicago PMI for November at 9:45 a.m. ET. Analysts polled by Bloomberg expect personal income to rise 0.3 per cent on the month, and for the business barometer index to rise to 50.3. Follow the release at Money Game >
- India’s GDP grew 5.3 per cent on the year in the July-September quarter, below 5.5 per cent the previous quarter. India is on track for its worst growth in a decade according to Reuters and this is building pressure on policymakers to push through urgent reforms. Devastating photos of India’s illegal coal mines >
- Japanese industrial production climbed 1.8 per cent month-over-month in October, missing expectations. Meanwhile, the unemployment rate stayed at 4.2 per cent.
- Siemens has announced plans to cut an additional 4,700 jobs at its lighting subsidiary, Osram, to save $1.3 billion. Osram has already cut 1,900 jobs this fiscal year.
- Bonus – In an interview with Conan O’Brien, Jessica Biel joked that he couldn’t flirt with her any more.
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