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Good morning. Here’s what you need to know.
- Asian markets were higher in overnight trading with the Nikkei up 0.48 per cent and the Hang Seng up 1.14 per cent. Europe is up around 0.5-0.8 per cent across the board, but Spain is lagging, with shares mostly flat. S&P 500 futures in the U.S. are up around 0.5 per cent as well.
- All eyes are on Spanish prime minister Mariano Rajoy today, who is set to unveil Spain’s 2013 budget this morning at 8:00 AM ET. Spending cuts are meant to appease troika lenders, but angry protesters in the streets and a burgeoning separatist movement in Spain’s most crucial economic region reflect little appetite for austerity among the electorate. Follow the announcement LIVE here >
- The United States reported Q2 GDP of 1.3 per cent versus expectations of 1.7 per cent. Durable goods orders fell 13.2 per cent versus expectations of a 5 per cent drop. Initial jobless claims fell to 359K this week versus expectations of 375K. Follow the releases LIVE at Money Game >
- UK Q2 GDP came in slightly better than expected at -0.4 per cent versus forecasts of -0.5 per cent. Business investment surprised to the upside, but the current account deficit was wider than expected.
- The People’s Bank of China injected record amounts of liquidity into the financial system this week via 365 billion yuan ($57.9 billion) of reverse repos. This is the biggest liquidity injection by the Chinese central bank on record. Everything You Need To Know About China’s President-In-Waiting >
- Spanish bank deposits fell to their lowest level since April of 2008 in August according to data released this morning. This further ups the pressure on prime minister Mariano Rajoy to deliver on economic reforms and get the situation in Spain under control.
- Italy conducted a smooth bond auction this morning in spite of worries over Spain, with five-year yields falling to their lowest since May 2011 and 10-year yields falling to 5.24 per cent versus 5.82 per cent at the last auction about a month ago.
- Euro area economic confidence fell unexpectedly in September to 85 from 86.1. Economists had expected a flat reading. The numbers come amid deterioration in several economic indicators in Europe, signaling a deepening recession.
- Chinese industrial profit declines accelerated in August, falling 6.2 per cent versus last month’s decline of 5.4 per cent. The numbers highlight the fundamental weakness in the Chinese economy. SocGen Analysts Just Got Back From Visiting Beijing, And This Is What They Learned >
- Referees have finally reached a deal with the NFL, ending the strike. The referees are expected to return for Thursday night’s game between the Cleveland Browns and Baltimore Ravens. This Is The Defining Image Of The Replacement Ref Fiasco >
- Bonus: Christina Applegate is transitioning out of maternity jeans after the birth of her daughter in 2011.
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