10 Things You Need To Know This Morning

Anne Hathaway

Photo: Ian Gavan/Getty Images

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

  • Markets advanced in overnight trade in Asia, with Hong Kong’s Hang Seng up 0.7 per cent. Shares in Europe are moderately higher while U.S. futures opened higher.
  • Spanish and European officials are in talks over a new rescue plan for the country, the Financial Times’ Peter Spiegel and Miles Johnson report. The plan is expected to include structural reforms instead of new taxes or spending cuts. Sources tell the FT that talks have directly involved Spain’s finance minister Luis de Guindos.
  • The U.K. budget deficit hit a record high in August at £14.4 billion, but was slightly below forecasts. Tax revenues during the period rose 1.8 per cent while government spending jumped 2.5 per cent. These are the 20 most influential economic papers of all time >
  • Japan’s Democratic Party re-elected Prime Minister Yoshihiko Noda as its leader, even as his approval rating remains near 30 per cent. Noda won 818 of 1,231 points during the vote, beating three other candidates. Noda must call national elections by next September.
  • Universal won regulatory approval for its $1.9 billion takeover of EMI. Universal will sell a number of its assets in the process, including the Parlophone label which includes Coldplay and Queen.
  • GM reached a tentative agreement with the Canadian Auto Workers Union, following a similar deal the union made with Ford days earlier. The agreement includes a major lump sum payment to workers but no wage increases. 
  • Brazilian Finance Minister Guido Mantega condemned the Federal Reserve’s QE3 policy for setting off “currency wars.” Mantega believes the program will be a dangerous boost to inflation, particularly in emerging markets like Brazil. Here’s how nine countries lost control of inflation.
  • Oracle said earnings rose 11 per cent to $0.53 a share during its first quarter, in line with estimates. Revenues came in light, however, falling 2 per cent to $8.2 billion. Morgan Stanley says it wouldn’t buy this market.
  • Apple’s iPhone 5 went on sale today, with lines forming across the globe. Already, Japanese carrier KDDI and Australian carrier Telstra have run out of the devices. Apple said it booked more than 2 million pre-orders for the phone in the U.S. during its first day available.
  • President Obama now holds an eight point lead over Republican challenger Romney in Iowa, and holds a five point lead in Colorado and Wisconsin, a new poll from NBC News and the Wall Street Journal shows. The New Mitt: “I’m For The 100%”

Bonus: Valentino says it has made Anne Hathaway’s wedding dress.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.