Tuesday Morning Pre-Market News
November 8th, 2011
Every morning the Street of Walls team puts out an update on market levels, today’s top stories, and active M&A deals.
Morning Market Levels:
S&P futures are up 7 points to 1,264
Europe: DJ Euro Stoxx 2.4%, FTSE 1.5%, CAC 2.2%, DAX 2.3%, Spain 1.3%, Italy 2.4%
Asia: Japan -1.3%, Hong Kong 0.0%, India 0.0%, Australia 0.5%
USD (DXY) down -0.09%
Gold down -0.31% to $1,789.5
Silver down -0.46% to $34.8
Copper up 0.42% to $355.0
Crude up 0.68% to $96.2
Corn up 0.34% to 655.5
Wheat up 0.23% to $640.3
10yr Treasury yields are up, trading at 2.04%
S&P current trading at 12.73x current year P/E
Today’s Top Stories:
CS on Italy: “The two critical dates for the survival of the government are today (parliamentary debate starts at 11am GMT, with a vote expected at 2.30pm GMT) with the Parliament voting on the 2010 budget review, and next week (before November 15, to comply with EU commitments) with the vote on the multi-year budget, which includes the pro-growth measures presented at the last EU summit. The likelihood of the government surviving both votes, and particularly the mid-November one – being today’s vote on a technical document – is small, in our view” (Credit Suisse Research)
Wall Street Bonuses Shrinking 20-30%: Wall Street bonuses are set to shrink by an average of 20% to 30% from last year, with even steeper declines for bond traders, according to a widely watched compensation survey http://on.wsj.com/t9xi9S
Icahn Goes Activist on OSK: On November 4th, Carl Icahn disclosed that he delivered a letter to the Board of Oshkosh Corporation (NYSE:OSK) stating his intention to nominate and seek to elect six individuals to the 13-member Board http://bit.ly/u8umRz
RBS Cutting Fixed Income: Fox Business is reporting RBS intends… Read the rest
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http://www.valueinvestingnews.com/tuesday-morning-premarket-news
