Stocks in China jumped today after Hong Kong scrapped a daily limit on how much yuan residents can buy as exchanges in both economies prepare for the start of cross border share trading next week. Tokyo's Nikkei index touched a seven-year high amid speculation of a snap Japanese election that could delay a sales tax increase. Other global benchmarks were lower. Futures point to a lower opening on Wall Street. The dollar slipped against the yen and the euro. Benchmark U.S. crude oil slipped below $77.50 a barrel.
- Among the economic reports due later today, the Commerce Department releases wholesale inventories for September. And quarterly financial results are due before the stock market opens from Macy's Inc., and from J. C. Penney Co., after the market closes.
- Global banks JPMorgan Chase, Citibank, Royal Bank of Scotland, HSBC and UBS are feeling the sting from regulators for trying to manipulate the $5.3 trillion a day foreign exchange markets. U.S., British and Swiss regulators are levying more than $3 billion in fines, which officials say the banks have agreed on. The U.K. Financial Conduct Authority says it is still investigating Barclays Bank.
- Alibaba, China's largest Internet retailer, rang up more than $9 billion during the country's biggest online shopping holiday, smashing last year's figure to set a record for a single day of sales. Analysts say the "Singles Day" figures from e-commerce giant show a continuing shift to online shopping over brick-and-mortar stores at a time of slowing economic growth in China. Sales totaled 57.1 billion yuan (yoo-AHN'), or $9.32 billion
- Global growth is the buzzword for this weekend's summit of leaders from the 20 biggest industrialized and developing economies and there are high expectations the gathering will deliver an ambitious plan to boost the world's GDP by more than $2 trillion. The G-20 has made finalizing this initiative its top priority for the weekend meeting in Australia.