- U.S. Sent B-52s Over Disputed China Air Zone, Official Says. The U.S. flew two B-52 bombers into an air-defense zone that China has claimed and Japan rejects, according to a U.S. defense official who said China wasn’t notified in advance. The pair of unarmed bombers flew from Guam and spent less than an hour in the Chinese zone as part of an annual training exercise, said the official, who asked not to be identified discussing the bomber deployment.
- Growth-Price Slowdown Raises Southern Debt Risks: Euro Credit. As Greece, Italy and Portugal strive to push through deficit-cutting measures and so trim their debt piles, the euro area's combination of slowing economic growth and inflation is working against them. With some countries in the euro area carrying debt above 100% of gdp, a sputtering recovery in the 17-nation bloc is threatening to increase debt in the southern European nations and raise the cost of servicing their debt. The cost of insuring against deflation in the area over the next two years approached this year's highest level last week.
- European Stocks Decline as Remy Cointreau, Pernod Retreat. European stocks dropped, erasing a two-day gain, as Remy Cointreau SA (RCO) and Pernod Ricard SA dragged food-and-beverage companies lower. Remy sank the most since January 2009 after forecasting that annual profit will decline by at least 10 percent. Repsol SA advanced the most in 13 months as the governments of Spain and Argentina reached a preliminary agreement to compensate the Madrid-based oil company for its stake in YPF SA. Algeta ASA posted its biggest rally in more than two years after saying that Bayer AG has started talks to buy the Norwegian company. The Stoxx Europe 600 Index slipped 0.6 percent to 322.24 at the close of trading.
- Iron Ore Seen Slumping From Westpac to Goldman on Supply. Iron ore will probably drop 19 percent by the end of the year as demand slows and supply increases, Westpac Banking Corp. (WBC) said, joining Goldman Sachs Group Inc. in forecasting declining prices. Ore may fall to $110 a ton by the end of the year, Justin Smirk, the second-most-accurate industrial metals forecaster tracked by Bloomberg over the past eight quarters, said in a report today.
- WTI Crude Falls on Forecast for 10th Weekly Supply Gain. WTI crude for January delivery slipped 13 cents to $93.96 a barrel at 1:50 p.m. on the New York Mercantile Exchange. The volume of all futures traded was 46 percent below the 100-day average. Prices are up 2.3 percent this year.
- NSA Spying Risks $35 Billion in U.S. Technology Sales. International anger over the National Security Agency’s Internet surveillance is hurting global sales by American technology companies and setting back U.S. efforts to promote Internet freedom.
- High-Frequency Traders Meet Nightmare on Elm Street With Nanex. The nemesis of Wall Street’s high- frequency traders operates out of an apartment-sized office above the Bliss Salon -- manicure/pedicure $45 -- on Elm Street in the Chicago suburb of Winnetka. Staring at four computer monitors, Eric Scott Hunsader, the founder of market-data provider Nanex LLC, looks for hints of illicit trading hidden in psychedelic images of triangles dancing with dots that represent quotes to buy and sell U.S. stocks broken down by the millisecond.
- Tiffany(TIF) Profit Tops Estimates as Jeweler Raises Prices. Tiffany & Co. (TIF) posted third-quarter profit that topped analysts’ estimates and boosted its annual earnings forecast as the rising U.S. stock market gave wealthy consumers the confidence to snap up higher-priced merchandise.
- Why Are Takeover Prices Plummeting? Mergers and acquisitions have been dominated by cheapskates this year. U.S. companies are paying just 19% more, on average, than their acquisition target’s trading price one week before the deal was announced. That’s the lowest takeover premium since at least 1995, as far back as records go at Dealogic, which analyzed the data for The Wall Street Journal. Historically, the premiums have averaged 30%.
- ObamaCare wreaks havoc on health care, the economy, American freedom and Obama's presidency. Polls show an increasing majority of Americans dislike President Obama's health-care law and disapprove of the job the president is doing. Perhaps more disconcerting for Mr. Obama is a recent Quinnipiac University poll that finds, for the first time in his presidency, a majority (54%) of registered voters feel he is not honest and trustworthy.
- Obama Administration Proposes New Curbs on Campaigning by Tax-Exempt Groups. The Obama administration Tuesday proposed a crackdown on the widespread use of tax-exempt organizations for political campaigning, seeking to reduce the influential role that the secretive groups have played in recent elections. The new "guidance" issued Tuesday by the Treasury Department and the Internal Revenue Service would curtail a broad array of these tax-exempt entities' activities, including campaign advertising, voter registration, get-out-the-vote efforts, and distribution of voter guides and campaign materials.
- The Next ObamaCare Mirage. The new line is that the health-care law will save money. That's also not true. Supporters of President Obama are working overtime to backtrack from his promise that "If you like your health-care insurance, you can keep it. Period." While the president has conceded that this statement was inaccurate, the administration doesn't seem to have learned its lesson. The damage control plan is to spread another falsehood about the Affordable Care Act. The claim this time is that the health-care "cost curve is bending, and the ACA is a significant part of the reason."
- Robert Shiller on housing: Don't trust momentum. (video) "We can't trust momentum in the housing market anymore," Nobel Prize-winning economist Robert Shiller said on CNBC's "Squawk Box." Why not? Investors, and specifically, institutional investors with vast sums of cash.
ValueWalk:
- China’s ‘Mr. Market’: Inequality Creating A Social ‘Time Bomb’. China embarks on its reform drive, one of the country’s most prominent economists says the case for change has rarely been more pressing, with the yawning wealth gap creating a social ‘time bomb.’
Washington Post:
- Among American workers, poll finds unprecedented anxiety about jobs, economy. More than six in 10 workers in a recent Washington Post-Miller Center poll worry that they will lose their jobs to the economy, surpassing concerns in more than a dozen surveys dating to the 1970s. Nearly one in three, 32 percent, say they worry “a lot” about losing their jobs, also a record high, according to the joint survey, which explores Americans’ changing definition of success and their confidence in the country’s future.
- Michelle Obama in 2008: Barack Will Make Us 'Sacrifice' for Health Care. (video) Mrs. Obama says: It's going to cost us something as a society to say, 'We can't tolerate millions of people uninsured. We can't tolerate it.' But in order for all of us to get a little bit more, a whole bunch of us are going to have to give up a little something that we have. And that's not, sort of, what we've been taught…
- JPMorgan(JPM), mortgages drag down 3rd-quarter U.S. bank profits. Huge legal costs at JPMorgan Chase & Co and slowing demand for mortgages as interest rates rose caused the first decline in bank profits since 2009, a third-quarter regulatory update said on Tuesday. Higher interest rates lowered the value of fixed income assets and sapped demand for mortgage refinancing, the Federal Deposit Insurance Corporation said.
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