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 Good morning. Here's what you need to know. - Markets in Asia were higher in overnight trading. The Japanese Nikkei 225 rose 2.0%, the Hong Kong Hang Seng advanced 1.7%, and the Shanghai Composite closed 1.7% higher. European markets are rallying with the exception of the Italian FTSE MIB, which is currently down 0.6%. In the United States, futures point to a positive open.
- Chinese markets rallied after a leaked document detailing the Chinese leadership's reform plans circulated on social media Friday. "The move up today in the A-share market was mainly driven by the leaked draft document that gave people the reform details that were lacking in the initial communiqué," an anonymous strategist with a Chinese brokerage told Reuters.
- As part of the reforms, the government is officially relaxing its one-child policy. Couples will be allowed to have two children if one person in the couple is an only child his or herself.
- The final October reading of consumer price inflation in the eurozone confirmed a plunge to a 0.7% year-over-year inflation rate from September's 1.1% rate. Preliminary data released earlier this month prompted the European Central Bank to surprise market participants with a rate cut last week.
- October U.S. industrial production data are released at 9:15 AM ET. Economists predict output expanded 0.2% last month after a 0.6% advance in September. Manufacturing production is expected to have risen 0.2% following a 0.1% expansion in September. Capacity utilization is expected to be unchanged at 78.3%.
- At 8:30 AM, the New York Fed releases its monthly Empire State Manufacturing Survey. Economists predict the report's headline index rose to 5 from October's 1.52 reading, suggesting improving conditions in New York manufacturing.
- September wholesale trade and inventories data round out the releases at 10 AM. Economists predict inventories rose 0.4% in September after a 0.5% rise in August. Wholesale trade growth is expected to have slowed to 0.3% from 0.6%.
- According to a 13-F filing, Berkshire Hathaway took a 40-million share stake in Exxon Mobil in the third quarter. The position amounts to about 1% of the oil giant.
- Billionaire hedge fund managers Dan Loeb, George Soros, and John Paulson all took stakes in FedEx in the third quarter, according to 13-F filings. Loeb revealed his position Tuesday at the New York Times DealBook Conference.
- Kyle Bass and Stan Druckenmiller both took long positions in Herbalife in the third quarter, according to 13-F filings. The stock has been at the center of a high-profile battle between Bill Ackman, who has been vocal in his attempt to short it to zero, and Carl Icahn, who took an opposing long position.
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