Every morning the Street of Walls team puts out an update on market levels, today’s top stories, and active M&A deals.

Morning Market Levels:

  • S&P futures are down -8 points to 1,186
  • Europe: DJ Euro Stoxx -1.7%, FTSE -1.5%, CAC -2.2%, DAX -0.9%, Spain -1.5%, Italy -0.9%
  • Asia: Japan -1.6%, Hong Kong -4.2%, India -1.6%, Australia -2.1%
  • USD (DXY) up 0.37%
  • Gold down -1.79% to $1,640.8
  • Silver down -3.43% to $30.7
  • Copper down -2.93% to $327.8
  • Crude down -0.63% to $85.8
  • Corn down -1.41% to 631.5
  • Wheat down -1.40% to $615.5
  • 10yr Treasury yields are up, trading at 2.09%
  • S&P current trading at 12.04x current year P/E

Today’s Top Stories:

  • New Mortgage Plan: State and federal officials are pushing a plan that could help some “underwater” borrowers get refinancing assistance in the latest government bid to break a legal impasse with big banks over alleged foreclosure abuses and ease problems in the housing market http://on.wsj.com/ouecZz
  • Citi Earnings Results: Investment banking revenue (while very depressed) was better than expected reporting $736mn of revenue http://bit.ly/n5YH1O
  • Top 1% of Americans not in Finance: The “99-percenters” protesting at Occupy Wall Street should think about occupying the C-suites across America as well, at least if their primary complaint is about income inequality http://nyti.ms/mQsLRg
  • Carl Icahn sells LGF: Carl Icahn sold common shares of Lions Gate Entertainment (NYSE:LGF) after market close of Friday http://bit.ly/nNfKyz
  • Morgan Stanley Hedges: WSJ talks about how MS Hedges and the hedges it tok out on its hedges http://on.wsj.com/pqU9g1
  • BAC Earnings: Headline beat with a ton of 1x items, EPS came in $0.56 vs. the St $0.19
  • GS Earnings: Weak headline but core fixed income and equities look decent
  • Citi closes Prop: Closing proprietary trading unit that incurred losses in 3Q as regulators plan to restrict banks from making bets with shareholder cash
  • Chinese GDP: Chinese GDP growth was 9.1%, weaker than street expected
  • U.S. 3Q GDP: “Third-quarter real GDP growth is tracking at roughly 2.5% (annualized), despite the debt ceiling crisis, sovereign downgrade, and European financial turmoil. Although hardly spectacular, this represents a substantial acceleration over the sub-1% growth pace in the first half of the year” (GS Research)

M&A Watch:

  • Mega Deal:  Kinder Morgan to buy El Paso http://bit.ly/pDga5Y
  • Amerigas Partners agreed to buy the propane operations of Energy Transfer Partners for $2.8bn (BBG)
  • Goldman Sachs, Getco, Morgan Stanley, 2 other firms bought equal stakes in Chi-X Global (BBG)
  • Grupo Mexico must return $1.3b in shares to Southern Copper for forcing the unit to overpay for a Mexican mining company, a Delaware judge ruled (BBG)
Disclosure: I do not have a position in any stocks mentioned in this article, do not have a plan to initiate a position within the next 72 hours.
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