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Good morning. Here’s what you need to know.
- Asian markets were mostly higher in overnight trading with the Nikkei up 0.1 per cent, making this its longest winning streak in 13-months. Europe is mixed, and U.S. markets have opened modestly lower.
- Bellweather Caterpillar beat expectations when it reported earnings of $2.54 per share, but missed on revenue. It also cut its 2012 forecast and now expects revenue of $66 billion and profits of $9.00 – $9.25 per share.
- This weekend saw regional elections in Spain. Prime minister Mariano Rajoy’s party took the majority of seats in the Galicia region but got beat in the Basque region. The victory in the Galacia region however is expected to make it easier for Rajoy to impose austerity and request a sovereign bailout. The real eurozone crisis is about much more than debt >
- Microsoft is releasing Windows 8 this week, but the operating system has been criticised for being too complicated. Most companies are unlikely to adopt Windows 8, according to a CNBC report.
- Tonight marks the final presidential debate between president Obama and Mitt Romney. This debate will be centered on foreign policy and will be held at Lynn University in Boca Raton, Florida starting 9 p.m. ET.
- Chinese policymakers have asked think-tanks to draft their most ambitious plans for economic reform. This could decrease the power of the nation’s state owned enterprises and offer more freedom in setting interest rates and the valuation of the yuan, according to Reuters. Check out 19 crazy things that only happen in China >
- Canada rejected Malaysian company Petronas’ acquisition bid for Progress Energy Resources Corp.. This has raised concerns in China, that Canada could reject CNOOC’s plan to purchase Nexen.
- In M&A news, Rosneft announced a two-part $55 billion deal that gives BP a 19.75 per cent stake and two seats on the board, according to Reuters.. Meanwhile, Ancestry.com is being acquired by European private equity firm Premira for $1.6 billion.
- The latest poll from the Wall Street Journal says it’s a “dead heat tie” of 47 per cent – 47 per cent in the presidential race. This erased the three-point lead that president Obama had over Romney at the end of September. Among registered voters however Obama leads 49-44 per cent.
- Japanese exports fell 10.3 per cent in September on a year-over-year basis. Imports climbed 4.1 per cent. The trade data adds to signs of a contraction in the Japanese economy.
- Bonus – Padma Lakshmi was dressed as a witch for Hard Rock Cafe’s 11th annual Dream Halloween Party in New York.