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 Good morning. Here's what you need to know. - Asian markets closed the day up, finishing off the rally seen in the U.S. and Europe after leaders came to an agreement on the EFSF. The Nikkei ended up 1.4% while the Hang Seng added 1.7%. Europe is mixed, with the CAC and FTSE even. U.S. futures point to a lower open.
- Japanese unemployment fell to 4.1%, beating economist expectations for a rise to 4.4%. During the month, the government began including those unemployed in provinces effected by the March 11 tsunami.
- UK consumer confidence fell to its lowest level since February 2009. The reading came in at -32, down two points from the prior month. The last two times the measure fell below -32, the country fell into recession.
- Italy auctioned €7.9 billion in bonds to lackluster demand. The 10-year bond sold at a yield north of 6%. Spreads between German and Italian 10-year notes rose to 373.82. At the same time, Italian Prime Minister Silvio Berlusconi said he would remain in office through 2013, after reports surfaced of possible elections early next year.
- Spanish unemployment hit 21.5%, the highest level in more than 15 years. Government officials say the country could miss economic growth targets for the year of 1.3%. The IMF forecast 2011 growth of just 0.8%.
- President Obama commented on the results of the E.U. fiscal summit in an op-ed in the Financial Times this morning. He writes: "Given the scope of the challenge and the threat to the global economy, it is important for all of us that this strategy be implemented successfully – including building a credible firewall that prevents the crisis from spreading, strengthening European banks, charting a sustainable path for Greece and tackling the structural issues at the heart of the current crisis."
- Personal income data will be released at 8:30 a.m. this morning. Economists polled by Bloomberg are expecting growth of 0.3%, verse a decline of 0.1% last month. The University of Michigan consumer sentiment poll comes at 9:55 a.m., with forecasts for an uptick to 58.0 for October, from 57.5 last month.
- Samsung surpassed Apple in smartphone sales during the July-September quarter, as shipments of its devices surged 44%. Samsung took 23.8% of the global smartphone market, while posting profits of 4.25 trillion won, relatively in line with expectations. Check out how all the big earners have done so far >
- HP has decided to keep its personal computer business, reversing an earlier decision to sell or spin off the unit. Chief executive, Meg Whitman, said the division was too integrated with other parts of HP and would be too costly to split.
- Today in earnings, Chevron, Merck and Whirlpool announce before the opening bell. Whirlpool already released disappointing quarterly results of $2.35 excluding one-time charges, well below analyst expectations of $2.68. Follow all the releases live on Money Game.
BONUS: Princess Kate Middleton, now the Duchess of Cambridge, revealed that the three-inch scar on her head was from surgery as a child. Please follow Money Game on Twitter and Facebook. | | | | | | | |
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