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Market News

European Markets

Opening calls are indicating a lower open this morning.

Asian Markets

Stocks are trading lower in Asian, with the MSCI Asia Pacific Index heading for its biggest drop in a month, as companies from Acer Inc. to Tohoku Electric Power Co. reported losses and China vowed to maintain property lending curbs.

US Markets

Stocks are poised to end October with one the best monthly performances on record, but the market’ wave of uncertainty is far from over.

Investors are relieved that European officials finally agreed on a plan of action aimed at tackling Europe’ debt crisis last week. But they aren’t yet convinced that the measures go far enough, as details about the plan and how it will be implemented remain unsettled.

Events today

The OECD will publish its latest analysis of the G20 economies on Monday ahead of a summit of G20 leaders in Cannes on Thursday. The briefing will be presented by OECD head Angel Gurria from 10:00 London time.

The United Nations will host ‘The Day of 7 Billion’ on Monday with a series of events marking the global population reaching 7 billion.

The outgoing president of the European Central Bank, Jean Claude Trichet steps down Monday to be replaced by Italian Mario Draghi. Trichet defended the central bank’ record under his leadership in an interview with CNBC that will air throughout the day on Monday. Trichet added that individual governments had made mistakes during the financial crisis, but the central bank had shown strong judgment and “experience has proved that our diagnosis was right.”

UK bank Barclays saw its pre tax profit rise above £5 billion ($7.9 billion) on Monday as third quarter pretax profit hit £2.4 billion ($3.8 billion). The bank said it is confident it will exceed the £1 billion ($1.59 billion) savings target it set earlier this year, but Barclays Capital income excluding its own credit was down 22 percent in the third quarter.

Swiss chemicals firm Clariant posted a third quarter net income of 81 million Swiss francs ($92.9 million) on Monday and confirmed its guidance for full-year sales between 7.0 billion Swiss francs ($8.9 billion) and 7.2 billion.

Economic releases to watch out for include mortgage lending rates from the UK at 9:30 and EU unemployment data 10:00.