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Wednesday Morning Business Brief

November 14, 2012, 5:43 AM

Wednesday Morning Business Brief

A late session slide translated to a losing session for Wall Street Tuesday. The Dow fell 59 points to 12,756. The S&P was down nearly 6 points to 1,375. The Nasdaq shed 20 to 2,884. Futures trading pointed to gains this morning.

  • International stock markets were mixed today, with Asian shares up as China neared the climax of a once-a-decade leadership transition while Europe stocks fell amid uncertainty about debt-swamped Greece. Benchmark crude oil rose to remain above $85 per barrel. The dollar fell against the euro but rose against the yen.
  • Investors get treated to a number of economic reports due today, led by retail sales and the Producer Price Index. Also due today, business inventories and the meeting minutes from the October Federal Reserve meeting.
  • A congressional advisory panel is recommending the U.S. keep closer tabs on investment by Chinese state-owned companies. The annual report from the U.S.-China Economic and Security Review Commission says Chinese investments present unfair competition to American firms. China already accuses the U.S. of discriminating against its companies.
  • Workers around the European Union are staging a series of strikes and demonstrations today in an effort to present a more united front as rampant unemployment and factory shutdowns spread misery in the EU. Most European governments have had to cut spending in the face of rising debt, leading to a dramatic drop in living standards in many nations.

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