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November 01, 2011 05:54 AM

Tuesday Morning Business Brief

Despite the best month in nearly a decade, October ended ugly yesterday at the stock market. The Dow fell 276 points, or 2.3 percent and finished below 12,000 on the final day of the month. Futures trading suggests more losses this morning.
  • International stock markets sank today as new concerns emerged about the viability of a much-heralded plan to contain Europe's debt crisis. Markets were on edge after Greece announced a referendum over the debt crisis deal that European leaders agreed to last week.
  • Oil prices fell to near $92 a barrel today in Asia as the initial optimism about Europe's plan to resolve its debt crisis faded. Crude had jumped from $75 on October 4 amid expectations of a European plan to contain Greece's debt crisis. But Greece has announced a referendum on the plan and investors are worried weak economic growth in Europe could undermine fiscal and debt targets.
  • Experts expect the Federal Reserve to take a wait-and-see attitude when their next two-day policy meeting ends Wednesday. Few expect any bold new steps to be announced. Fed
    policymakers likely want to gauge the impact of action they've taken recently to keep interest rates low.
  • President Barack Obama heads for an economic summit in the French resort of Cannes this week involving the 20 largest industrial and developing nations. The troubled eurozone
    will be the urgent topic in Cannes, pushing aside Obama's central message to G-20 nations that they need to focus on short-term growth and longer-term debt.

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