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Obama to demand extra $1.6T in tax revenues. President Obama will go into budget negotiations with Congressional leaders on Friday calling for a $1.6T increase in tax revenues over 10 years, double the $800B discussed during debt-ceiling talks in 2011. The sides are sticking to their guns over tax hikes for the rich, while Republicans also want entitlement changes. Today, Obama is due to meet a who's who of top CEOs, including those of Wal-Mart (WMT), IBM (IBM) and Ford (F).
Budget deficit soars in October. While concerns about the fiscal cliff grow, so does the budget deficit, jumping 22% on year in October to $120B and above forecasts of $114B. Expenditure increased 16% to $304B while receipts climbed 13% to $184B.
Anti-austerity strikes sweep Europe. Millions of workers in Europe are on strike to protest austerity as part of a "European Day of Action and Solidarity." Spanish and Portuguese unions are carrying out their first coordinated general strike, while organizations in Greece, Italy, France and Belgium planned stoppages or demonstrations. The question is whether the protests will have any significant effect on economic policy - so far, they haven't.
Today's Markets:
In Asia, Japan flat at 8665. Hong Kong +1.2% to 21442. China +0.4% to 2055. India closed.
In Europe, at midday, London -0.5%. Paris -0.3%. Frankfurt -0.3%.
Futures at 7:00: Dow +0.4%. S&P +0.4%. Nasdaq +0.6%. Crude +0.2% to $85.58. Gold -0.1% to $1723.80.
In Asia, Japan flat at 8665. Hong Kong +1.2% to 21442. China +0.4% to 2055. India closed.
In Europe, at midday, London -0.5%. Paris -0.3%. Frankfurt -0.3%.
Futures at 7:00: Dow +0.4%. S&P +0.4%. Nasdaq +0.6%. Crude +0.2% to $85.58. Gold -0.1% to $1723.80.
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