Today's Headlines

Bloomberg: 

• European Stocks Fall to Two-Week Low on Greek Meeting. European stocks fell to a two-week low as euro-area finance ministers met to discuss Greek aid and concern grew that impending U.S. tax increases and spending cuts will harm the world’s biggest economy. Alpha Bank (ALPHA) SA led Greek banks lower as the nation’s creditors said the country may face a 15 billion-euro ($19 billion) financing gap. Cobham Plc (COB) slid 9.7 percent after the world’s largest maker of airborne-refueling equipment forecast weaker revenue and profitability. 
• EU May Scrap Plan to Hand ECB Sole Power on Bank Licenses. The European Union may scrap plans to give the European Central Bank sole power to grant and withdraw banking licenses in the euro area as nations tussle over the details of setting up a single supervisor. Some EU countries insist “that the key issue of access to and removal from the market should remain within the remit of national authorities,” for at least as long as the EU does not have a central system to handle failing banks, according to a document on the bloc’s website. The concerns mean current proposals must be revised, according to the document prepared by Cyprus, which holds the rotating presidency of the EU. Because setting up the new supervisor is so complex, EU finance ministers also may decide to lengthen the period over which the ECB would assume its new powers.
• Goldman Sachs(GS) Says Beware Europe Peripheral Stocks. European companies most dependent on revenue from Spain, Italy, Greece and Portugal are rising in the stock market at the fastest pace in five years, providing chances for short sellers after two earlier rallies fizzled. Similar rallies for companies serving so-called peripheral countries heralded losses of as much as 44 percent through November 2010 and July 2012, data compiled by Bloomberg show. 
• Faurecia to Cut 3,000 Jobs as Growth Focus Shifts Outside Europe. Faurecia (EO), Europe’s largest maker of car interiors, plans to cut about 3,000 jobs in its home region, or 7.5 percent of the workforce, by the end of next year as it retrenches in lackluster European markets.
• Obama Seeks Outside Support for Fiscal Cliff Negotiations. President Barack Obama is working to enlist outside support for his position that high-income people pay more taxes as he heads into negotiations with House Speaker John Boehner on how to avoid the so-called fiscal cliff. Obama will hold separate meetings with labor and business leaders at the White House this week ahead of his Nov. 16 meeting with Boehner, House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell. Obama will host labor leaders tomorrow and business leaders on Nov. 14, according to a White House official who asked for anonymity.
• Americans Say Europe’s Austerity Lesson Means Act Now. When the housing bubble burst in 2006, U.S. policy makers looked to Japan for clues about what to do -- and not do -- in response. Now their attention is shifting to Europe as America gets set to follow that region with a concerted attack on its budget deficit.
• Baby Boomers Blunt Fed Easing While Saving for Retirement.
• India Industrial Output, Exports Decline as Economy Falters. Indian industrial production unexpectedly fell in September and the trade deficit widened to a record last month as exports declined, adding to signs that Asia’s third-largest economy is struggling. Output at factories, utilities and mines dropped 0.4 percent from a year earlier after a revised 2.3 percent gain in August, the Central Statistical Office said in a statement in New Delhi today. The median of 28 estimates in a Bloomberg News survey was for a 2.8 percent increase. Manufacturing dropped 1.5 percent in September from a year earlier, while capital goods output decreased 12.2 percent, today’s data showed. India’s exports merchandise shipments fell 1.6 percent in October from a year earlier to $23.3 billion in October, while imports climbed 7.4 percent to $44.2 billion, according to the Commerce Ministry. Consumer prices rose 9.75 percent in October from a year earlier, after a previously reported 9.73 percent gain in September, a report showed today.
• Russian Third-Quarter GDP Grew at Slowest Since 2010 Rebound. Russia’s economy expanded in the third quarter at the slowest pace since it began recovering at the start of 2010 as a drought hurt agricultural output and stuttering global growth curbed demand for commodities exports. 
• China Solar Giants Likely to Get State Bailouts: Experts. China’s $20 billion solar industry is avoiding loan defaults and mergers by taking aid from local governments, preserving jobs at money-losing companies such as LDK Solar Co., the world’s second-biggest maker of solar cells.
• Gasoline Fluctuates on Tight Supplies and Debt Crisis Concern. Gasoline fluctuated as supplies around New York Harbor tightened after Hurricane Sandy and on concern that the European debt crisis will linger, curtailing economic growth and fuel demand.

Wall Street Journal:

• Fiscal Cliff: Live Stream.
• Need More Pessimism Before ‘Good Bottom’ For Stocks. 
• Syrian Jet Bombs Area Near Turkish Border. Turkey said Monday that a Syrian war plane had bombed a rebel-held town just meters from the border, shattering windows in a nearby Turkish town and sending scores of Syrian refugees fleeing across the neighbors' shared frontier.
• IEA Pegs U.S. as Top Oil Producer by 2020. A shale-oil boom means the U.S. will overtake Saudi Arabia as the world's largest oil producer by 2020, a radical shift that could profoundly transform not just the world's energy supplies but also its geopolitics, the International Energy Agency said. In its closely watched annual World Energy Outlook, the IEA, which advises industrialized nations on their energy policies, said the global energy map "is being redrawn by the resurgence in oil and gas production in the United States." 
• Leucadia to Acquire Jefferies.
  

CNBC: 

• Wave of Evictions Leads to Homeless Crisis in Spain. 
• Greece's 'Monster' Debt Problem Haunts Europe. Euro zone finance ministers meeting in Brussels on Monday won't make a final decision on aid for Greece, despite Athens passing a new austerity budget. But one former European Central Bank (ECB) official has told CNBC that Europe must give Athens more time.

Zero Hedge:

• Israel Continues Shelling Of Syrian Targets For Second Consecutive Day. 
• "Fiscal Cliff" Soars After Obama Win. (graphs) 
• Elmo Puppeteer On Leave Following Child Molestation Accusations. 
• Greek Banks Slump, Spanish Bonds Dump, Juncker 'Fist Pump'. (graphs) 
• The UK's Most Disturbing Number: Total Unfunded Pension Obligations = 321% Of GDP. 
• October Hedge Funds Performance Update: Mixed.

Business Insider:

• Chris Christie Said Nothing About A Massive Inmate Escape During Sandy. 
• An International War In Mali Could Take Place Sooner Than Anyone Realizes. 
• FACEBOOK(FB) LOCKUP RELEASE: An Astounding 777 Million Shares Become Available On Wednesday. 
• Morgan Stanley(MS) Has The Best Summary Of The State Of The World We've Seen Yet. 
• Neither Hillary Clinton Nor David Petraeus Will Testify At Benghazi Hearings. 
• Here's Goldman's(GS) Prediction For What The Fiscal Cliff Deal Ultimately Looks Like. The key ideas: The payroll tax cut will expire, taxes on the rich will rise, and rather than a 3.5% GDP drag, the effect will only be 1.4%. Most managements do not expect the business environment in 2013 will be materially different from today. In that case, the biggest economic risk from the fiscal cliff may not be going off it completely, but rather embracing growth-limiting austerity through too much compromise.
• China's Leadership Transition Doesn't Look Good If You're A Foreign Businesses. 
• Mysterious Explosion In Indianapolis Drives 200 People Out Of Their Homes. (pics)
• Google(GOOG) Will Have To Make A Deal If It Doesn't Want To Get Sued By The US.
• 8 Middle Class Tax Breaks That Might Be On The Chopping Block. 
• Iran Launches Massive Air Drill As 'Warning' To Enemies.
  

Reuters: 

• Celgene(CELG) stock soars on promising pancreatic cancer drug data. Shares of Celgene Corp rose as much as 9.7 percent on Monday after a late-stage clinical trial showed its drug Abraxane improved survival in patients with pancreatic cancer. Celgene, which unexpectedly reported the results late on Friday, did not give details of the extent of the improvement, saying it would do so at a medical meeting in January. Abraxane is already approved to treat breast and lung cancer and the company will apply for approval from regulators to market the drug to treat pancreatic cancer as well.
• Troika sees Greek debt at 144 pct/GDP in 2020 - sources. International lenders are reaching a consensus that Greece's debt burden will fall to 144 percent of gross domestic product in 2020 and roughly 10 percentage points lower two years later if current policies do not change, several officials told Reuters on Monday.

Telegraph:

• Debt crisis: No report on Greece as Troika can't agree on who pays - live. Greece's international lenders are split over how to deal with Greece not making a debt “sustainability” target of 120pc of GDP by 2020 and cannot agree on how much Greece is going to cost or who should pay.
• S&P and Fitch accused of market manipulation in Italy. Italian prosecutors have filed charges against Deven Sharma, the former president of Standard & Poor’s, and six other credit rating officials for issuing downgrades that destablised the country and fuelled the debt crisis. 
• Greece will need €32.6bn if Troika agrees to bailout extension. Greece's international creditors will have to find €32.6bn if they agree to extend its debt bailout by two years to 2016, as it wants, according to a draft report.

  ABC:

• Spanish bnaks may have to reduce their workforce by 30%, or about 70,000 people, through the end of 2014 as they need to cut costs, boost efficiencies, citing people close to govt.