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Good morning. Here’s what you need to know.
- Asian markets were mostly higher in overnight trading with the Shanghai Composite up 1.45 per cent on expectations of stimulus measures. Europe is selling off and U.S. futures are modestly lower.
- Research In Motion beat expectations when it announced adjusted EPS of -$0.27 on revenue of $2.9 billion. Wall Street estimates were for -$0.47 on revenue of $2.47 billion. The stock is up nearly 19 per cent in pre-market trading.
- China has finally announced that it will hold the 18th Party Congress on November 8 when it will appoint new leaders. The Congress will elect leaders of the Central Committee of the Chinese Communist Party. Meanwhile, Bo Xilai has been expelled from the party and is set to “face justice”. Don’t Miss: How China’s mysterious leadership changes work >
- Japanese industrial production declined 1.3 per cent in August from the previous month. This is expected to impact the country’s GDP this quarter and increase pressure on officials to ease, according to Bloomberg.
- The French cabinet has approved its 2013 budget. The budget imposed about €20 billion in new taxes on large corporates and the wealthy.
- Personal income and outlays for August will be released at 8:30 a.m. ET, followed by Chicago PMI for September at 9:45 a.m. Economists polled by Bloomberg expect personal income to rise 0.2 per cent month-over-month (mum) and consumer spending to rise 0.5 per cent mum. The business barometer index is expected to stay flat at 53. Follow the release at Money Game >
- Sony is spending $640 million to acquire an 11 per cent stake in Olympus. Sony is trying to expand into the medical equipment business and gain access to Olympus’ endoscopes.
- Fitch ratings cut its Chinese GDP forecast to 7.8 per cent in 2012, down from 8 per cent. It also lowered its Indian GDP forecast to 6 per cent, down from 6.5 per cent. China crash 2012 – Here’s why it’s finally happening >
- South Korean industrial production fell 0.7 per cent in August. The decline was attributed to the slowdown in Europe and China.
- Consumer sentiment for September will be released at 9:55 a.m. ET. Consensus is for the sentiment index level to ease to 79. Follow the release at Money Game >
- Bonus – Kristen Stewart was spotted in Paris for Fashion Week.
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