Good morning. Here’s what you need to know.
- Markets in Asia were lower in overnight trading. The Japanese Nikkei 225 was down 0.8%, the Hong Kong Hang Seng was down 0.7%, and the Shanghai Composite was 0.5% lower. European markets are mostly lower with the exception of the German DAX, currently clinging to a 0.1% gain. In the United States, futures point to a negative open.
- The ECB shocked markets with a surprise decision to lower its benchmark refinancing rate to 0.25% from 0.50%. The euro is down 1.2% against the dollar, and European stock indices are surging. Follow the 8:30 presser with ECB president Mario Draghi LIVE here »
- The U.S. Bureau of Economic Analysis publishes the first look at third-quarter GDP growth at 8:30 AM ET. Economists predict the economy grew at a 2.0% annualized pace in Q3, down from 2.5% in Q2. Personal consumption growth is expected to have slowed to 1.6% in Q3 from 1.8% in Q2. Core PCE is expected to have bounced t0 1.5% from 0.6%.
- Weekly jobless claims figures are also out at 8:30. Economists predict initial claims fell to 335,000 in the week ended November 2 from 340,000 the week before, while continuing claims in the week ended October 26 are expected to have ticked down to 2.875 million from 2.881 million in the previous week.
- Twitter goes public today. Last night, the deal priced at $US26. Wall Street is expecting a lot of demand for the shares. It could get wild.
- September U.S. consumer credit data are released at 3 PM ET. Economists predict total credit rose by $US12.000 billion in September, down from the $US13.625 billion expansion in credit in August. Follow all of the data LIVE on Business Insider »
- The Bank of England elected to leave its benchmark policy rate unchanged at 0.50% and the size of its asset purchase program unchanged at £375 billion.
- Australian employment rose by only 1,100 in October after a 3,300-job expansion in September. Economists were looking for 10,000 new jobs. The unemployment rate was unchanged at 5.7%.
- German industrial production fell 0.9% in September after rising 1.6% in August. Economists expected zero growth. Year over year, industrial production was up 1.0%.
- Russia’s economy minister said Thursday that the country would lag the rest of the world in economic growth for the next 20 years. Annual growth over that time period is expected to average 2.5%, down from an earlier 4.0% estimate.
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