10 Things You Need To Know This Morning

Lynn University students enjoy a pool party before the presidential debateLynn University students enjoy a pool party before the presidential debate

Photo: Joe Raedle/Getty Images

Good morning. Here’s what you need to know.

  • Asian markets were mixed in overnight trading, with the Shanghai Composite down 0.86 per cent on concerns of weaker earnings and growth. Europe is selling off and U.S. futures are in the red.
  • Spanish GDP contracted 0.4 per cent in the third quarter, but beat expectations of a 0.7 per cent decline. This is the fifth straight quarterly decline in GDP.
  • Last night president Obama and Mitt Romney faced off in Boca Raton on in the final presidential debate. Romney played it safe and didn’t go on the offensive against his opponent, but he was criticised for agreeing too much with Obama on foreign policy. One thing Obama said during last night’s debate had the potential to move stocks >
  • Apple is set to unveil the iPad mini in San Jose today. The tablet is expected to have a 7.8-inch and to cost anywhere from $249 to $349. 9 things we want out of our iPad mini >
  • In earnings news, Netflix is expected to report third quarter earnings of $0.04 per share. Meanwhile, chemical maker DuPont missed earnings and revenue expectations and is cutting 1,500 jobs.
  • Yahoo! reported earnings of $0.35 per share, on net revenue of $1.09 billion beating expectations. During the conference call CEO Marissa Mayer said that half of Yahoo’s engineers should be mobile engineers and that the company will make small acquisitions.
  • Moody’s cut the credit ratings of five Spanish regions – Andalucia, Extremadura, Castilla-La Mancha, Catalunya, and Murcia. The regions were downgraded because of “the deterioration in their liquidity positions” and because three of the regions “face large debt redemptions in Q4 2012”. The real eurozone crisis is about much more than debt >
  • Texas instruments meanwhile, reported a 30 per cent rise in third quarter profit, but slashed its fourth quarter earnings and revenue estimates.
  • The Richmond Fed manufacturing index for October will be released at 10 a.m. ET. Economists polled by Bloomberg expect the index to rise to 6. Follow the release at Money Game >
  • French industrial confidence fell to a three year low of 85 in October.

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