Good morning. Here's what you need to know.
- Asian markets were all down in overnight trading, with the Nikkei falling 2.51%. Korea got crushed, losing over 6%. Europe continues its tailspin, while U.S. futures are sharply lower.
- European shares continue to get routed on fears that some of its biggest economies are heading to a recession along with all of the normal other worries. Financial stocks have been particularly hard hit because of concerns of their exposure to the euro zone debt crisis and funding fears.
- In more bad for the Eurozone, Finland refuses to compromise with other Eurozone countries on collateral deals, if it is to approve the next tranche of loans to Greece. Earlier this week Greece and Finland reached a deal in which Greece would offer Finland a cash deposit that would be roughly equal to Finland's share of loan guarantees in the new bailout.
- It has been reported that Bank of America is planning to slash 10,000 jobs, or 3.5% of its global work force. 3,500 employees will get the axe this quarter, and another 6,500 in a re-organization known as "Project New BAC". Check out the 16 strongest banks in the world >
- HP posted higher Q3 earnings of $1.93 billion or $0.93 per share, on revenue of $31.2 billion. The company however gave lower-than-expected outlook for the current quarter and lowered its full-year guidance for the second time this year. It was also vague about strategy and its PC spinoff plans. The stock got clobbered after hours.
- Swiss banks have been releasing statements to calm investors, after it was reported yesterday that the Fed provided $200 million in liquidity to the Swiss National Bank in the form of forex swaps. UBS said today it had not made use of the swap.
- In M&A news, Sprint Nextel Corp is reportedly in talks with cable companies about an investment that could lead to the acquisition of partner Clearwire Corp. Meanwhile, the EU cleared U.S. specialty chemicals maker Ashland Inc's $3.2 billion bid for privately held International Specialty Products Inc.
- Britain posted a smaller-than-expected budget deficit in July. The £20 million deficit excludes government support for banks, and is much lower than the £3.5 billion shortfall a year ago. Don't Miss: The 15 biggest deficits in the developed world >
- Eight Afghan police and one foreigner are reported to have been killed after the Taliban launched a multi-phased attack on the British Council building in Kabul. The attack took place on a day that marked Afghanistan's Independence from Britain.
- As global equities take a hit, investors have been rushing to gold to hedge against a possible recession. The precious metal has been hitting record highs and gold for December delivery rose to $1,867.80 an ounce today. Analysts are seeing similarities between this and the parabolic rise of silver earlier this year. Check out the only currencies to have outperformed gold this year >
- BONUS - Anne Hathaway said she sees Jersey Shore's Snooki as her twin.
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See Also:
- 10 Things You Need To Know This Morning
- 10 Things You Need To Know This Morning
- 10 Things You Need To Know This Morning
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