Good morning. Here's what you need to know.Markets in Asia were higher in overnight trading. The Japanese Nikkei 225 rose 2.0%, the Hong Kong Hang Seng advanced 1.7%, and the Shanghai Composite closed 1.7% higher. European markets are rallying with the exception of the Italian FTSE MIB, which is currently down 0.6%. In the United States, futures point to a positive open. Chinese markets rallied after a leaked document detailing the Chinese leadership's reform plans circulated on social media Friday. "The move up today in the A-share market was mainly driven by the leaked draft document that gave people the reform details that were lacking in the initial communiqué," an anonymous strategist with a Chinese brokerage told Reuters. As part of the reforms, the government is officially relaxing its one-child policy. Couples will be allowed to have two children if one person in the couple is an only child his or herself. The final October reading of consumer price inflation in the eurozone confirmed a plunge to a 0.7% year-over-year inflation rate from September's 1.1% rate. Preliminary data released earlier this month prompted the European Central Bank to surprise market participants with a rate cut last week. October U.S. industrial production data are released at 9:15 AM ET. Economists predict output expanded 0.2% last month after a 0.6% advance in September. Manufacturing production is expected to have risen 0.2% following a 0.1% expansion in September. Capacity utilization is expected to be unchanged at 78.3%. At 8:30 AM, the New York Fed releases its monthly Empire State Manufacturing Survey. Economists predict the report's headline index rose to 5 from October's 1.52 reading, suggesting improving conditions in New York manufacturing. September wholesale trade and inventories data round out the releases at 10 AM. Economists predict inventories rose 0.4% in September after a 0.5% rise in August. Wholesale trade growth is expected to have slowed to 0.3% from 0.6%. According to a 13-F filing, Berkshire Hathaway took a 40-million share stake in Exxon Mobil in the third quarter. The position amounts to about 1% of the oil giant. Billionaire hedge fund managers Dan Loeb, George Soros, and John Paulson all took stakes in FedEx in the third quarter, according to 13-F filings. Loeb revealed his position Tuesday at the New York Times DealBook Conference. Kyle Bass and Stan Druckenmiller both took long positions in Herbalife in the third quarter, according to 13-F filings. The stock has been at the center of a high-profile battle between Bill Ackman, who has been vocal in his attempt to short it to zero, and Carl Icahn, who took an opposing long position.
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