- Investors should bet on a decline in the euro as the European Central Bank may step in and sell its currency to protect exports and economic growth, according to UBS AG.
- Billionaire Carl Icahn’s activist hedge funds posted their first quarterly decline since they opened three years ago because of volatile markets and losses on stocks including WCI Communities(WCI) and Lear Corp.(LEA).
- China’s inflation rebounded to a decade high in October as food prices climbed, adding pressure for the central bank’s sixth interest-rate increase this year.
- Japan’s economy grew faster than economists forecast in the third quarter as an unexpected increase in consumer spending counters a drop in housing construction.
- Japanese bonds gained, pushing 10-year yields to the lowest since February 2006, on speculation central bank Governor Toshihiko Fukui will signal plans to keep borrowing costs unchanged in coming months.
- Copper prices fell 2.1% in
- Jonathan Barratt, managing director of Commodity Broking Services, says the slump in copper foreshadows oil rally’s end.
- InterContinental Hotels Group and Wyndham Worldwide executives said they don’t see slower spending by US consumers and higher prices for oil affecting their operations.
- Voter Anger May Free Up Energy Bills.
- Salesforce.com(CRM) wants to become a platform like Microsoft’s Windows operating system, a product so popular that it is the foundation for a veritable ecosystem of software developers.
- Large hotel chains are upgrading their TV programming as digital technology expands possibilities and cable-obsessed travelers demand more of what they have at home.
- America crazy about breadbox on wheels called Smart car.
- Accelerating investment in US railroads’ capacity could come to a halt if proposed legislation to re-regulate many of the railroad’s prices is brought into force, the CEOs of three of the top five US railroads have warned.
Late Buy/Sell Recommendations
- Reiterated Buy on (HEW), target $44.
Asian Indices are -1.50% to +.50% on average.
S&P 500 futures +.40%.
NASDAQ 100 futures +.10%.
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Earnings of Note
- (MPR) 4-for-3
- (TNP) 2-for-1
- (CRS) 2-for-1
- (APAGF) 4-for-1
2:00 pm EST
- The Monthly Budget Deficit for October is estimated to widen to -$59.0 billion versus -$49.3 in September.
3:00 pm EST
- Pending Home Sales for September are estimated to fall -2.5% versus a -6.5% decline in August.
Other Potential Market Movers
- The weekly retail sales reports, IBD/TIPP Economic Optimism Index, (TSS) analyst presentation, (MCD) analyst meeting, (AMP) analyst meeting, (ITT) analyst day, Piper Jaffray Global Internet Summit, Deutsche Bank Gaming Forum, Morgan Stanley Global Consumer & Retail Conference, Piper Jaffray Industrial Growth & Business Services Symposium, JMP Securities Healthcare Conference, UBS Global Tech & Services Conference, Goldman Sachs Global Shipping Conference, Bear Stearns SMid Cap Conference and Merrill Lynch Banking & Financial Services Conference could also impact trading today.