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 up 12 points to 1,221
  • Europe: DJ Euro Stoxx 2.0%, FTSE 1.2%, CAC 1.7%, DAX 2.2%, Spain 2.4%, Italy 2.4%
  • Asia: Japan 0.0%, Hong Kong 0.2%, India -0.9%, Australia -0.1%
  • USD (DXY) down -0.26%
  • Gold up 1.40% to $1,643.4
  • Silver up 2.40% to $31.3
  • Copper up 4.71% to $320.0
  • Crude up 1.34% to $87.2
  • Corn up 1.46% to 659.0
  • Wheat up 1.47% to $640.0
  • 10yr Treasury yields are up, trading at 2.18%
  • S&P current trading at 12.25x current year P/E

Today’s Top Stories:

  • More QE Stimulus: WSJ is reporting the FED is considering a new round of MBS purchases http://on.wsj.com/mYJV1U
  • UBS iBanking Hurting: Word around the Street is that UBS is planning a MAJOR restructuring to their investment banking division, analysts are expecting the announcement on their investor day November 11th http://bit.ly/oENZ4p
  • Small Jobs Bill gets Denied: For the second time in 10 days, the Senate on Thursday rejected Democratic efforts to take up a jobs bill championed by President Obama http://nyti.ms/oijN0A
  • William Blair Asia iBanking: William Blair & Company and Business Development Asia LLC (BDA) announced that they have entered into a global strategic alliance to increase William’s presence in the Asian capital markets http://bit.ly/qoXkC6
  • SAC Capital Insider Trading: The WSJ reported this morning that the SEC is reviewing whether Steve Cohen’s SAC Capital profited from trades made prior to Johnson & Johnson’s (NYSE:JNJ) takeover of Cougar Biotechnology in 2009 http://bit.ly/pM8yRY
  • KKR Ramping in Hong Kong: Private equity firm KKR is ramping up their Hong Kong office in order to take advantage in China http://on.ft.com/n9vS34
  • EU Summit Update: “EU Summit taking place in 2 parts – Oct 23 & Oct 26. This weekend we could get bank recaps & maybe PSI which are the two issues they seem to be making good progress on” (Deutsche Research)
  • Groupon seeking valuation of $11.4bn in U.S. IPO
  • “Cracking” down on Cracker Barrel: Sadar’s Biglari Holdings has created a public website, www.enhancecrackerbarrel.com, as he tries to educate shareholders on his actions against the Board and the Management team http://bit.ly/qmgZqr

M&A Watch:

  • Blackstone acquired more than $1bn in office buildings from Duke Reality http://on.wsj.com/pw2KsA
  • MetroPCS has emerged as frontrunner to buy assets from AT&T and T-Mobile USA as cos. seek to win govt approval for $39bn merger (BBG)
  • Citic, biggest shareholder in Macarthur Coal, agrees to accept Peabody, ArcelorMittal’s takeover offer for Australian producer (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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