REUTERS/NOAA/Handout via Reuters
Typhoon Haiyan is pictured in this NOAA satellite handout image taken November 8, 2013 at 01:57 UTC. Haiyan, potentially the strongest recorded typhoon to make landfall, slammed into the Philippines' central islands on Friday, forcing millions of people to flee to safer ground or take refuge in storm shelters.
Good morning. Here's what you need to know.
- Markets in Asia were lower in overnight trading. The Japanese Nikkei 225 fell 1.0%, the Hong Kong Hang Seng fell 0.6%, and the Shanghai Composite fell 1.1%. European markets are in the red across the board, with CAC 40 leading the way lower, down 1.0%. In the United States, futures point to a positive open.
- The October jobs report is due out from the U.S. Bureau of Labor Statistics at 8:30 AM ET. Economists predict the 120,000 American workers were added to nonfarm payrolls in October, down from 148,000 in September. Due to data collection issues posed by the government shutdown last month, the unemployment rate is expected to tick up to 7.3% from September's 7.2% rate, but this is not reflective of an actual rise in unemployment. Click here for a complete preview »
- Chinese exports and imports both surprised to the upside in October, rising 5.6% and 7.6% from a year earlier, respectively, versus consensus estimates of 1.7% and 7.4%. The better-than-expected numbers caused China's trade balance to swell to $31.1 billion in October from $15.2 billion the month before.
- German exports rose 1.7% from the previous month in September, well ahead of estimates for a 0.4% advance, while imports unexpectedly contracted. The numbers caused Germany's trade balance to rise to € 20.4 billion from € 13.3 billion in August.
- In the week ended November 6, investors pulled $1.8 billion from global equity funds, while bond funds recorded $1.7 billion in inflows. The majority of equity outflows were from U.S. funds, which saw $7.5 billion in redemptions over the period.
- Groupon reported adjusted third-quarter earnings of $0.02 per share, above consensus estimates for $0.02 EPS. Revenues, however, were only $595.1 million, below estimates for $615.7 million, fourth-quarter guidance was below estimates. Shares are slightly higher in pre-market trading.
- September personal income and consumer spending data are also released at 8:30 AM. Economists predict incomes rose 0.3% in September after advancing 0.4% in August. Consumer spending is expected to have risen 0.2% in September after expanding 0.3% in August.
- The University of Michigan releases preliminary results of its November consumer confidence survey at 9:55 AM. The survey's headline index plummeted to 73.2 in October, weighed down by the effects of the government shutdown. Economists predict the index rebounded to 74.5 this month. Follow all of the data LIVE on Business Insider »
- At 12 PM ET, Atlanta Fed president Dennis Lockhart speaks on the economic outlook at the University of Mississippi. He will take questions from the audience and reporters following his remarks. Then, at 4 PM, San Francisco Fed president John Williams speaks on monetary policy and the economy in Los Angeles. He will also take questions afterward.
- Federal Reserve chairman Ben Bernanke will speak on a panel about financial crises at an IMF conference at 3:30 PM. Bernanke will be joined on the panel by former Bank of Israel Governor Stanley Fischer, former U.S. Treasury Secretary Larry Summers, and Harvard economist Kenneth Rogoff.
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