Good morning. Here's what you need to know.
- Asian markets sold off hard in overnight trading following yesterday's U.S. session, with the Nikkei falling 1.5 percent. European markets are generally higher with the exception of Italy, down 0.6 percent. U.S. stock futures are up slightly.
- Greece narrowly passed an austerity vote last night to implement controversial labor reforms. The vote paves the way for disbursement of the next tranche of financial aid to Greece.
- China's once-in-a-decade leadership transition began last night in Beijing. Current leader Hu Jintao in his opening speech devoted a significant amount of time to addressing corruption and political reform, and said China would never copy Western political systems. Here's How We Know Beijing Is Terrified About Social Unrest >
- German exports collapsed in September, falling 2.4 percent versus expectations of a 1.5 percent drop. The number reinforces a recent string of bad economic data out of Germany's manufacturing and industrial sector.
- German industrial giant and European economic bellwether Siemens reported a 27 percent drop in profits owing to weakening demand conditions. The company also said it will cut €6 billion in costs next year.
- Yields on Spanish government debt rose this morning when demand for bonds at an auction was weaker than expected. In spite of this, Spain was able to issue debt with the longest maturity in over a year.
- Greek unemployment rose to 25.4 percent in August from 24.8 percent the month before, according to new data out this morning. At 25.4 percent, the rapidly rising rate is 0.4 percentage points away from being the highest in the eurozone.
- The Bank of England announces interest rates today at 7:00 AM ET. Consensus calls for no change to interest rates nor a change in the size of the BoE's asset purchase program.
- The ECB also announces interest rates today at its monthly policy meeting and subsequent press conference. Economists expect the central bank to hold off on rate cuts until December, but will be listening for Draghi to strike a more dovish tone. LIVE coverage begins on Money Game at 7:30 ET >
- Initial jobless claims are released in the U.S. at 8:30 AM ET, and economists expect a slight rise to 365K claims this week from 363K last week. The U.S. trade balance is also out at 8:30, and economists expect the deficit to widen slightly to $45 billion this month from $44.2 billion last month. We will have the numbers LIVE on Money Game at 8:30 AM ET >
- BONUS: A Ukrainian singer is suing Carly Rae Jepsen for allegedly ripping off the song "Call Me Maybe."
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