Here's what we're focusing on throughout the day:
Oil took a dive after inventory data showed an unexpected build in supply. Oil was also moving lower earlier after OPEC cut its demand forecast for the fourth quarter Core CPI for October rose 0.2%, in line with expectations. Oil is lower this morning , following comments earlier this week from the IEA.
Gold is moving lower, off about $20. We hear from Andy Brenner at M.F. Global that he's "seeing some yen carry trade unwind...large downward move in gold coupled with rising yen."
Financials Barclayssays it will write-down $2.7 billion of supbrime losses, a relief to the market which had expected far more. UBS though said it would take a fourth quarter writedown of $8 billion and said it does not yet know if there could be more.
The CEO of Wells Fargo shared his gloomy thoughts with the Merrill Lynch financial services conference. John Stumpf, according to Reuters, says the housing market is in the worst slump since the "Great Depression." It's the "steepest , fastest, most prolonged decline in residential real estate that we've seen in a very long time," he said.
Speaking at a Merrill Lynch & Co banking conference, Stumpf said he has experienced three housing cycles, "and this is the worst I've seen." He also was quoted as saying Wells is "not immune from the economic environment" but it has minimal exposure to the type of asset-backed securities and collateralized debt obligations that have resulted in billions in industry write downs.
The ceos of Delta and Jet Blue will be on Capital Hill talking about holiday travel and what they can do to help with congestion. Also, the House Oversight and Government Reform Committee holds a hearing on whether TSA security checkpoints have improved. CNBC's Hampton Pearson is covering the developments in Washington, and Phil Lebeau is at LAX, reporting on the potential for more industry mergers.
J.C. Penney'sthird quarter profits were sharply lower, down 9%. The company said profits fell to $261 million and it cut guidance on its fourth quarter. J.C. Penney says it was hit by weak sales in September and October. It says it was hit by warm weather and a weaker environment for consumers. Sounds like we're going to be hearing a lot of that.
Jane Wells continues her coverage from British Columbia of the impact of the sharp rise in the Candian currency against the U.S. dollar. She looks at what it means for industry and trade. If you would like to take a humorous tour of Canada, check out her blog.
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