Photo: flickr / Lunchbox LP
Good morning. Here’s what you need to know.
- Asian markets sold off hard in overnight trading following yesterday’s U.S. session, with the Nikkei falling 1.5 per cent. European markets are generally higher with the exception of Italy, down 0.6 per cent. U.S. stock futures are up slightly.
- Greece narrowly passed an austerity vote last night to implement controversial labour reforms. The vote paves the way for disbursement of the next tranche of financial aid to Greece. Crazy Video Of Greek Protesters Throwing Molotov Cocktails At Riot Police >
- China’s once-in-a-decade leadership transition began last night in Beijing. Current leader Hu Jintao in his opening speech devoted a significant amount of time to addressing corruption and political reform, and said China would never copy Western political systems. Here’s How We Know Beijing Is Terrified About Social Unrest >
- German exports collapsed in September, falling 2.4 per cent versus expectations of a 1.5 per cent drop. The number reinforces a recent string of bad economic data out of Germany’s manufacturing and industrial sector.
- German industrial giant and European economic bellwether Siemens reported a 27 per cent drop in profits owing to weakening demand conditions. The company also said it will cut €6 billion in costs next year.
- Yields on Spanish government debt rose this morning when demand for bonds at an auction was weaker than expected. In spite of this, Spain was able to issue debt with the longest maturity in over a year.
- Greek unemployment rose to 25.4 per cent in August from 24.8 per cent the month before, according to new data out this morning. At 25.4 per cent, the rapidly rising rate is 0.4 percentage points away from being the highest in the eurozone.
- The Bank of England left interest rates on hold at 0.5 per cent and the size of its asset purchase program unchanged at £375 billion. The BoE’s latest projections will be published next Wednesday, November 14.
- The ECB also left interest rates unchanged today in its monthly monetary policy statement, in line with consensus expectations. In the press conference at 8:30 AM ET, market participants will be listening for Draghi to strike a more dovish tone, in line with new comments he made yesterday about weakness in the German economy. Click here for LIVE coverage of the presser and Q&A >
- Initial jobless claims are released in the U.S. at 8:30 AM ET, and economists expect a slight rise to 365K claims this week from 363K last week. The U.S. trade balance is also out at 8:30, and economists expect the deficit to widen slightly to $45 billion this month from $44.2 billion last month. We will have the numbers LIVE on Money Game at 8:30 AM ET >
- BONUS: A Ukrainian singer is suing Carly Rae Jepsen for allegedly ripping off the song “Call Me Maybe.”
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