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 Good morning. Here's what you need to know. - Markets in Asia were mixed in overnight trading. The Japanese Nikkei 225 rose 0.8%, the Hong Kong Hang Seng was unchanged, and the Shanghai Composite was down 0.8%. European markets are rallying, led by the French CAC 40, which is currently up 0.9%. In the United States, futures point to a positive open.
- The release of the minutes from the Bank of Japan's October policy meeting revealed worries over the lack of wage growth in the Japanese economy at a time when consumer prices are rising. A fall in real incomes could slow economic momentum and put the BoJ's goal to reflate the economy in jeopardy.
- Toyota's Q3 profits surged 70% despite a slight decline in vehicle sales, thanks to a weaker yen and cost-cutting initiatives. The Japanese auto maker raised full-year earnings guidance but left its sales forecast unchanged — it expects a rise in sales in North American, European, and Japanese markets will be offset by a decline in sales elsewhere in Asia.
- Australia's trade deficit shrank to AUD 284 million in September from AUD 693 million the month before, coming in below economists' estimates for AUD 500 million. Exports were flat while imports fell 1.0%. Economists predict Australia will run a trade surplus in 2014 on the back of increased iron ore exports.
- U.K. industrial production rose 0.9% in September after shrinking 1.1% in August, bringing the year-over-year pace of growth to 2.2% (besting consensus estimates of 1.8%). Manufacturing production rose 1.2% in September, bringing the year-over-year growth rate to 0.8%, in line with forecasts.
- Markit's Eurozone Services Purchasing Managers Index fell to 51.6 in October from September's 52.2 reading, suggesting a slowdown in the pace of growth in the eurozone services sector. Growth in the German, French, and Italian services sectors all decelerated, while Spain's services sector continued to contract, but at a slower pace than in September.
- Eurozone retail sales fell 0.6% in September after rising 0.5% in August, bringing the year-over-year growth rate to 0.3% (below economists' estimate of 0.6%). Southern European states led the decline, with Portuguese retail sales falling 6.2% from a month earlier and Spanish retail sales falling 2.5%.
- German factory orders rose 3.3% in September — well above expectations for a 0.5% advance after a 0.3% decline in August — bringing the year-over-year pace of growth to 7.9%, ahead of estimates for 5.6% year-over-year growth. Domestic orders actually declined 1.0%, but orders from other countries in the euro area surged 9.7%, led by a 23.6% rise in orders for investment goods.
- Cleveland Fed president Sandra Pianalto speaks on housing and the economy in Columbus, OH at 1:10 PM ET. There will be no Q&A. Pianalto becomes a voter on the FOMC in 2014.
- There are no major economic data releases in the United States today. All eyes will be on the first reading of Q3 GDP and the latest initial jobless claims numbers, both due out at 8:30 AM on Thursday morning, and the October jobs report out at 8:30 on Friday. Follow all of the data LIVE on Business Insider »
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