Good morning. Here's what you need to know.
- Asian markets were higher in overnight trading, with the Nikkei and the Hang Seng both rising 1 percent. European markets are higher across the board after a down day yesterday, with Spain an Italy both up 1.1 percent. In the United States, Dow futures are up 60 points while S&P 500 futures are up 9 points.
- Greece unveiled its 2013 budget today, forecasting 189.1 percent debt-to-GDP next year. The budget needs to be approved by November 11 in order for Greece to secure more aid from troika lenders.
- Cleanup in the aftermath of Hurricane Sandy enters a second day today along the eastern seaboard of the United States. Public transportation in New York City remains scarce after the subway system took on the worst damage in its history.
- Disney acquired Lucasfilm, the company that owns the rights to the Star Wars franchise, for $4 billion. A new Star Wars film is slated for release in 2015, with creator George Lucas staying on as a creative consultant.
- South Korean industrial output missed expectations and Japanese PMI numbers fell to an 18-month low, indicating a deeper manufacturing contraction. The new data suggest that perhaps an economic rebound in Asia is premature.
- German retail sales grew 1.5 percent last month, well above consensus estimates of a 0.3 percent gain. The better than expected data caused the euro to rally against the dollar.
- The New York Stock Exchange will resume normal trading today after being shut down Monday and Tuesday due to the storm.
- At 9:45 AM ET, the October reading of the Chicago PMI index is released. Consensus estimates are for a rise to 51.4 from 49.7 last month, which would indicate a shift from contraction in manufacturing activity to expansion.
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