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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading. The Shanghai Composite is closed for the week because of the Golden Week holiday. The Nikkei was down 0.83 per cent because of weak economic data and profit warnings. Europe is higher and U.S. markets have opened in the green.
- Today is global PMI day and eurozone manufacturing is still at contractionary levels. Italian, German and Greek PMI rose in September but were below 50, but French manufacturing fell to 42.7. Irish PMI however climbed to 51.8.
- Chinese manufacturing climbed to 49.8 in September, but stayed below the contractionary level of 50. The official number contracted for the second straight month. China Crash 2012: Here’s Why It’s Happening >
- Talks have resumed in Athens between the Greek government and the troika, the ECB, EU and IMF. The troika had given the government a week to agree on a €13.5 billion austerity package, before it received its next tranche of loans. Now here are four Greek stories you should be paying attention to >
- South Korea the global economic canary in the coal mine saw better than expected export data. Exports fell 1.8 per cent in September, against expectations of a 5.5 per cent decline.
- Eurozone unemployment reached a record high of 11.4 per cent in August. Nearly 18.2 million people in the eurozone were unemployed as of August. Citi tells us what will happen to the global economy in the next three years >
- The ISM manufacturing index for September and construction spending for August will be out at 10 a.m. ET. Consensus is for the ISM manufacturing index to rise to 49.7, and for a 0.6 per cent month-over-month increase in construction spending. Follow the release at Money Game >
- India’s trade deficit widened to $15.6 billion in August. Exports fell 9.7 per cent on the year, while imports fell 5.08 per cent. India wants to increase exports by 20 per cent this year.
- Mining giant Xstrata’s board has recommended that shareholders accept a $33 billion bid from Glencore.
- At 12:30 PM ET, Ben Bernanke will deliver a speech called “Five Questions about the Federal Reserve and Monetary Policy” at the Economic Club Of Indiana.
- Bonus – Anne Hathaway wed Adam Shulman in California this weekend.