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 Good morning. Here's what you need to know. - Markets in Asia were mixed in overnight trading. The Japanese Nikkei 225 fell 2.1%, the Hong Kong Hang Seng dropped 1.5%, and the Shanghai Composite advanced 0.7%. European markets are in the red across the board, with Italy leading the way, currently down 1.8%. In the United States, futures point to a negative open.
- Saturday night, the House of Representatives passed a continuing resolution to fund the government that included a year-long delay of Obamacare and a permanent repeal on the medical device tax. The Senate is expected to amend the bill today by stripping those two provisions and send it back to the House. Given comments from Republican House Majority Leader Kevin McCarthy over the weekend, it appears that agreement between the two chambers is unlikely in time to avoid a government shutdown, which will go into effect Tuesday if a deal is not reached Monday night.
- Italy has been plunged into political turmoil following center-right leader Silvio Berlusconi's decision to pull ministers from his party out of Prime Minister Enrico Letta's cabinet, ending the fragile coalition that has governed the country since earlier this year. "In any event, with the OMT in place, we would not expect a market stress worse than the one seen after the February 2013 elections, unless (i) [Letta's party] PD fails to unite behind a strong candidate and (ii) opinion polls show that a populist or anti-euro party clearly leads in the opinion polls," says Deutsche Bank economist Marco Stringa.
- Markit's Japan manufacturing purchasing manager index (PMI) rose to 52.5 in September from 52.2 in August, marking the highest level on the index since February 2011. Any number above 50 on the index indicates expansion, while figures below 50 indicate contraction. The pace of growth in new orders hit a 40-month high this month.
- Japan retail trade rose 0.9% in August from the previous month, failing to meet expectations for a 1.0% rise after contracting 1.7% in July. Industrial production fell 0.7%, also failing to meet expectations for a smaller, 0.3% decline following a 3.4% advance in July.
- Markit's HSBC China manufacturing PMI rose to 50.2 from August's 50.1 reading. Economists, however, expected the number to match the flash estimate of 51.2 published earlier this month. "New orders remained flat from the previous month, while external demand improved," said HSBC China chief economist Hongbin Qu in a press release. "Manufacturers restocking process continued but remained relatively slow. Growth is bottoming out on Beijing's mini-stimulus. We expect continuous policy efforts to sustain the recovery."
- German retail sales rose 0.5% in August after contracting 0.2% in July, but failed to meet expectations for a 0.8% advance. Year-over-year sales growth slowed to 0.3% in August from 2.9% the month before. A 5.5% surge in sales of clothing, shoes, and leatherwear led the gains.
- The pace of growth in eurozone consumer prices fell more than expected to 1.1% year over year in September from 1.3% the month before. Economists predicted a smaller moderation to 1.2%. Core CPI growth fell to 1.0%. Economists expected it to hold firm at 1.1%.
- The September Chicago PMI report is released at 9:45 AM ET. Economists predict the headline index advanced to 54.0 this month from last month's 53.0 reading, indicating an accelerating pace of expansion in business conditions across Illinois, Indiana, and Michigan.
- The Dallas Fed's monthly report on regional manufacturing activity is due out at 10:30 AM. Economists expect no change in the headline index this month from last month's 5 reading, indicating a continued expansion in the region. Follow all of the data LIVE on Business Insider »
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