Italian debt crisis driving markets
Italian Prime Minister Berlusconi resigns The Italian debt crisis drove the markets on Tuesday when the resignation of Italian Prime Minister Berlusconi was seen as a positive sign in resolving the European debt crisis. Berlusconi, who has been the Prime Minister for 17 years, agreed to step down once the legislation demanded by the European Union prevent the debt crisis from spreading to Italy was passed. A key vote on Tuesday was 8 votes short from passing the legislation. Italy is the third larges EU economy and a default could be critical to the European economy.
Dow closed up despite concerns over Italy
According to the Wall Street Journal, the Dow closed up 101 points on Tuesday, closing at 12,170. Asian markets also closed up. CNBC, however, reports the stock futures are down going into Wednesday. The Financial Times reports that Italian bonds are yielding over 7 percent, the highest since the euro was adopted. Seven percent has long been seen as a tipping point for the economy. This is spooking the markets. LCH Clearnet, a European clearing firm, has raised the margins required to trade Italian bonds.
Retailers roll out apps to assist with holiday shopping
Several retailers, including Wal-Mart, Apple, Toys R Us, KMart and Disney, have introduced apps to assist consumers with their holiday shopping. According to USA Today, the apps allow consumers to keep track of what they have spent, compare prices and find out more information about products. A National Retail Federation/BIGresearch study of tablet users indicates that 71 percent plan on using the apps for their shopping this season.
Chinese inflation rate drops
The Chinese inflation rate dropped from 6.1 percent to 5.5 percent in October, according to Reuters. The Chinese factory output grew at it weakest rate in October due to lower demand for goods due to the chilling global economy. Overall economic growth has slowed to 9.1 percent, which may allow the government to approve more lending.
Coke is liked by FaceBook
Coke has become a FaceBook success with more than 35 million likes, according to USA Today. The fan page was created by an LA author and writer and FaceBook asked the company to takeover the page after it had more than a million fans. Coke has found that those who like its page are twice as likely to drink Coke and ten times more likely to purchase Coke products than non-followers. Coke also has received more than 33.5 million YouTube views and has over 400,000 followers on Twitter.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.