Today.. Stories.. JR News...

Postal Service's losses soar to record $15.9B. The U.S. Postal Service's FY loss more than tripled to $15.9B, mainly due to defaults of over $11B. Revenue slipped 0.8% to $65.2B as mailing volume declined 5%, although online shopping helped boost package revenue 8.7%, suggesting it's not all doom in the Internet age. However, paralysis due to Congressional control and labor costs continue to maim the USPS, with the latter accounting for 80% of expenses vs 61% at UPS (UPS) and 41% at FedEx (FDX).

JPMorgan's legal problems keep on mounting. The Office of the Comptroller of the Currency may reportedly slap JPMorgan (JPM) with a cease-and-desist order connected to alleged weaknesses with the bank's anti-money laundering systems, and demand that it strengthen its procedures and look at past transactions. It's the latest in a series of legal problems for JPMorgan, which include investigations into its London Whale trading fiasco and mortgage bonds.

Japanese PM Noda sets election for next month. Japanese PM Yoshihiko Noda has called an election for December 16 after the upper house approved a bill to issue bonds that will fund government spending for the rest of the fiscal year and stop it from running out of money. Noda's DPJ party is expected to lose to the opposition LDP, which favors uber-easing to help Japan get out of its deflationary black hole. That's sent the yen falling and Tokyo shares higher.

Japan downgrades economic outlook yet again. With Japan looking like it's sliding into recession, the government has downgraded its economic outlook for the fourth consecutive month, the longest stretch since the financial crisis. In its monthly report, the government blamed the "deceleration of the world economy" as it cut its assessment of consumption, investment, corporate profits and the job market.

Today's Markets:
In Asia, Japan +2.2% to 9024. Hong Kong +0.2% to 21159. China -0.8% to 2015. India -0.9% to 18309.
In Europe, at midday, London -0.4%. Paris flat. Frankfurt -0.2%.
Futures at 7:00: Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude flat at $85.42. Gold -0.3% to $1708.70.