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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Nikkei down 0.12 per cent closing at a three-week low. Europe is rallying and U.S. futures are modestly higher.
- New York attorney general Eric Schneiderman has filed a civil suit against JP Morgan over mortgage-backed securities that were sold by Bear Stearns. JP Morgan bought Bear Stearns in March 2008.
- Australia’s central bank cut interest rates to 3.25 per cent as the nation’s economic growth is being impacted by the slowdown in China, a strong currency, and declining export prices. The hottest meme in the global economy: Everyone is slamming Australia >
- Samsung has filed its own patent lawsuit against Apple. The company claims that the iPhone 5 infringes its patents. This lawsuit has been added to an existing patent-infringement lawsuit in California. Now here are 42 stocks that will thrive in any economy >
- Data from the Spanish labour ministry showed that the country’s jobless rate increased by 1.7 per cent in September. There are now 4.7 million people out of work. Meanwhile, Moody’s has said the capital shortfall faced by Spanish banks could reach €105 billion. Don’t Miss: The desperate economic situation in Spain >
- Motor vehicle sales for September will be out today. Economists polled by Bloomberg expect an annualized 11.5 million units in domestic vehicle sales, and 14.5 million annualized total vehicle sales.
- UK home prices fell 0.4 per cent in September from the previous month, according to lender Nationwide Building Society. On the year prices were down 1.4 per cent.
- Reuters has reported that Spain is ready to ask for a bailout by next weekend, but Germany has suggested that the country wait.
- There is a report in Der Spiegel that raises doubts over the legality of Mario Draghi’s bond buying program. There are rising concerns that it amounts to direct central bank financing of governments.
- A report by the Congressional Research Service has found that 2,400 people who received unemployment benefits in 2009 were from households with an annual income of $1 million or more.
- Bonus – Drew Barrymore has given birth to a baby girl called Olive.