World markets await Slovakian vote
European markets are down after a day of jubilance in the U.S. when markets rose on Monday more than 330 points. The Dow closed at 11,433 on Monday after weekend news that Germany and France had agreed to agree on a deal to recapitalize European banks. Today the Europeans are awaiting the last of the votes on the initiatives to further increase the funding of the European Financial Stability Fund. Sixteen of the seventeen required countries have approved the initiative but Slovakia has yet to vote. According to the Wall Street Journal, Slovakia is divided regarding the initiative and a "No" vote is possible. Expect the markets to react positively or negatively dependent upon the outcome.
European leaders move back date of summit meeting
The Financial Tmes reports that European leaders have moved back the date of their summit meeting regarding the debt crisis from October 17 to October 23. The purpose for the delay is supposedly to allow for greater scrutiny and reporting from Greece as well as time to review the various banking recapitalization efforts. The leaders indicate they are seeking a "global durable solution before the meedting of the G20 summit in November".
NYSE hobbled by hacker attack only briefly
The NYSE was slightly impeded twice on Monday when the Anonymous hacking group attempted to hack the systems. Associated Press reports that the system was impaired for one minute at about 3:30 Eastern and for about half an hour two hours later. None of the events caused damage. The systems reporting the outcomes are separate from the actual computer systems supporting the markets. The hacking was believed to be related to the Wall Street protests but many protestors deny that charge indicating they have no intention to do harm.
China purchases shares of its own top 4 banks
Due to growing skepticism over corporate balance sheets in China, the Wall Street Journal reports that the Chinese Sovereign Wealth Fund has repurchased shares of its top 4 banks to show support of the banking system.
Pre-orders for Apple iPhone 4s break records
Despite criticisms that it provides nothing innovative or new, the Apple iPhone 4s pre-orders topped 1 million in the first day it was available. This beats the existing record for pre-orders held by the iPhone 4 which only had 600,000 pre-orders on its first day of availability. The ability to service Sprint customers is expected to add to the popularity. Experts predict, according to the Wall Street Journal, that sales will exceed 24 million units in the fourth quarter.
Luxury hotel rates begin to rise
Travelers are slowly beginning to return to luxury hotels after they lost popularity after the 2008 downturn. For many business travelers, luxury hotels became off limits during the previous recession. Yet frequent travelers, appreciating the 24 hour room service and gym availability, are once again returning, according to USA Today. Rates in the first eight months of 2011 averaged $252.15 up from $237.06 in 2010 but still below the $285.47 received in early 2008. Occupancy rates are currently at 70.7% compared to 62.4% in 2009.