Good morning! Here are the major stories from around the world.
Oil Is Crashing. The price of WTI crude plunged 3.7% to as low as $75.84 per barrel earlier Tuesday. This comes amid growing supply, falling demand, and actions by Saudi Arabia to suppress prices.
Alibaba Beats And Rallies. The $250 billion e-commerce behemoth earned $0.46 per share in Q3 on $2.75 billion in revenue. This was a bit stronger than what analysts had forecast. Shares are up 3% in premarket trading.
The European Commission Cuts Growth Estimates. The EC expects the European Union's GDP to grow by 0.8% this year and 1.1% in 2015, down from previous estimates of 1.2% and 1.7% respectively. "Inflation is set to be 0.5% this year, and 0.8% next year," BI's Mike Bird noted. "Even in 2016, it'll only rise to 1.5%, still far from the ECB's 2% target."
The Nikkei Rallied. Japan's main index of stocks closed up 2.73% following Friday's announcement of a boost to the quantitative easing stimulus program. In Hong Kong, the Hang Seng fell 0.3%. Markets are mixed in Europe, as Britain's FTSE is flat, France's CAC 40 is flat, Germany's DAX is up 0.3%, and Spain's IBEX is down 0.3%.
The US Department Of Justice Is Investigating JPMorgan. It's the latest in a long line of banks to be stung by probes over forex trading. JPMorgan Chase is estimating legal costs could run as high as $5.9 billion.
Blackstone Is Nearing An $8 Billion Deal To Sell Its Real Estate Arm. According to Bloomberg, Blackstone is closing in on the sale of IndCor Properties.
Sprint Shares Tanked After Disappointing Earnings. The US telecommunications firm reported a loss of $192 million and said it would lay off 2,000 people.
Herbalife Is Crashing. Herbalife reported weak Q3 financial results and cut its financial outlook. Shares are down by 14% in premarket trading.
Hyundai And Kia Will Be Paying The US Government $100 Million. The carmakers got slapped with the bill for selling cars with a worse fuel economy than the companies advertised.
US Voters Will Be Heading To The Polls. Many organizations are forecasting a 70% chance that the Republican Party will retake the Senate. Business Insider's Brett Logiurato breaks down what that means.
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