- US Equities dropped sharply lower on Friday led by losses in materials and financials. The S&P dropped 2.50%. This morning, also Asian shares trade in negative territory.
- The Greek government acknowledged yesterday that it will miss its deficit targets this year. Under pressure from the troika, Greece has also agreed to take some extra €6.6 billion in new austerity measures in 2011 and 2012 to bring its budget back on track.
- Japanese business sentiment recovered in the third quarter from the post-earthquake shock, but the strong yen and debt crisis in Europe makes companies cautious about the outlook, the Bank of Japan’s quarterly Tankan showed this morning.
- The next international inspectors’ report on Greece’s progress towards its fiscal targets will play a crucial part in any re-examination of private sector involvement in the second bailout package for Athens, euro zone officials said.
- The Bank of Spain took over three unlisted savings banks on Friday, valuing the lenders at practically nothing and increasing concerns about the state of Spain’s public finances.
- Belgian and French finance ministers will meet today to discuss ways to shore up the balance sheet of France-Belgian financial services group Dexia, newspapers reported over the weekend.
- Brent crude oil prices ($101.74) fell sharply on Friday due to a steep drop in the last hour of trading.
- Today, the eco calendar contains the euro zone manufacturing PMI (final), UK manufacturing PMI and US manufacturing ISM. Euro area Finance Ministers meet in Luxembourg.
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GD Star RatingForex – Commodities – Stocks: Headlines of October 3rd,