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 Good morning. Here's what you need to know. - Markets in Asia were mostly higher in overnight trading. The Japanese Nikkei 225 advanced 1.3%, the Hong Kong Hang Seng was 1.4% higher, and the Shanghai Composite rose 0.2%. European markets are rallying across the board, led by the Spanish IBEX 35, currently up 0.6%. In the United States, futures point to a positive open.
- The Philippine National Red Cross said the death toll from the monster typhoon that hit the country last week could run into the thousands. The Philippines Stock Exchange PSEi Index closed down 1.4% Monday.
- New Chinese yuan loans were ¥506.1 billion in October, down from ¥787.o billion in September and below forecasts for ¥580.0 billion. China's M1 money supply rose 8.9% from the previous year in October, unchanged from September's 8.9% year-over-year rate but below expectations for a rise to 9.2%.
- Japan's trade deficit fell to ¥874.8 billion in September from ¥885.9 billion in August. Economists predicted a larger drop in the deficit to ¥853.9 billion. Meanwhile, Japan's adjusted current account surplus of ¥351.8 billion in August swung to a deficit of ¥125.2 billion in September, larger than the ¥97.0 billion deficit predicted by economists.
- According to the FT, there is a growing rift on the ECB governing council, with members of the German Bundesbank driving the opposition. "People involved in the policy debates said divisions between northern and southern representatives on the ECB board have been mounting since market pressures on the eurozone relaxed, with council members freed up to revert to national interests," report the FT's Peter Spiegel and Stefan Wagstyl.
- The latest rage in the hedge fund world is launching funds that don't hedge. Long-only funds have come into vogue, according to the Wall Street Journal. "On the heels of a multiyear market rally, a slew of hedge-fund firms are launching 'long-only' funds betting that at least some stocks have further to climb," reports WSJ's Juliet Chung. "The moves come amid a brutal stretch for short bets against companies, traditionally a key strategy for hedge funds."
- JPMorgan and Credit Suisse are considering blocking traders from accessing chat rooms on the Bloomberg terminal and other devices, reports the Wall Street Journal. The discussions come as a response to recent rate-rigging probes that have thrust use of the chat rooms into the spotlight.
- At least 100 Bangladeshi factories were closed Monday as garment workers protested for higher pay. The protests turned violent as workers clashed with police and attacked factories.
- Chinese shoppers celebrated "Singles' Day" in China Monday (a sort of anti-Valentine's Day) by blowing out last year's sales numbers. "The applause roared as revenues topped 10 billion yuan at 6 a.m., when more than 100 million consumers had placed orders via the online portal," said a Xinhua report. "On the same day last year, it took 13 hours for the company's sales to top the 10-billion RMB benchmark."
- There are no notable economic data releases in the United States before Thursday's release of weekly jobless claims figures. Also on Thursday, Federal Reserve Vice Chair Janet Yellen will begin her confirmation hearing before the Senate Banking Committee. Until then, it may be a fairly quiet week.
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