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Good morning. Here’s what you need to know
- Global markets are selling off. Asian markets were down in overnight trading, with the Shanghai Composite closing down 1.68 per cent. Europe is selling off and U.S futures are in the red. Here’s why the stock market is diving today >
- Japan announced 750 billion yen ($9.4 billion) of stimulus to boost growth. The measure was undertaken after bond dealers’ concerns over government spending, raised fears of a disruption at a December-debt sale.
- GDP rose to 2.0 per cent in the third quarter on strengthening federal spending, personal consumption and durable goods orders. Follow the releases at Money Game >
- Amazon reported Q3 loss of $0.60 per share, on revenue of $13.81 billion, missing expectations. Fourth quarter guidance of $20.25-$22.75 billion also came in below expectations.
- Apple missed expectations when it reported earnings of $8.67 per share, but revenue of $36 billion was in line with expectations. Sales of the iPod, Mac and iPad missed analyst estimates.
- Spanish unemployment climbed to 25.02 per cent in the third quarter. Unemployment is at its highest level since 1976. What eight economic cycle theories say about the world today >
- The East Coast is preparing for Hurricane Sandy. The hybrid storm dubbed ‘Frankenstorm” is expected to bring strong winds, heavy rain, extreme tides, and snow. These conditions are expected to begin Sunday and peak on Tuesday. Mayor Bloomberg has told New Yorkers to prepare to evacuate if they are in flood zone areas. Frankenstorm could be the worst Northeast storm in 100 years >
- A suicide bomber killed 37 people at a mosque in the northern Afghan city of Maimana on Friday. Government officials had gathered at the mosque for Eid al Adha prayers.
- 9 banks including Bank of America, Credit Suisse, and Lloyds have received subpoenas in connection with a Libor probe by the offices of both the New York and Connecticut Attorney Generals. Elsewhere in the banking world, S&P downgraded BNP Paribas.
- Italian business confidence unexpectedly fell to 87.6 in October.
- Bonus – Katie Holmes talked about why she took a role in new Broadway show Dead Accounts in front of a live audience at The Green Space in New York.
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