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Pre-Market Primer: Stocks Fall Ahead of Spanish Stress Tests


Spain's budget satisfies Europe, but we don't know how strong these banks are.

France's cabinet just approved President Francois Hollande's 2013 budget plan that will include both spending cuts and increased taxes on companies and high-net-worth individuals to close the country's budget deficit.

Consumer prices increased by more than expected in the eurozone. The HICP Flash reading came in at 2.7% in September, up from 2.6% in August. The global headwinds are wearing on the Japanese economy as well. Industrial production in the world's third-largest economy slipped 1.3% from the month earlier. Economists expected a drop of 0.4%. Earlier data showed that the slump in European and Chinese demand for Japanese products is seriously wearing on Japan's exports.

Fitch ratings slashed its estimate for Chinese GDP growth for this year to 7.8% from 8%, but they don't expect China to suffer a hard landing because the country has the capacity to limit the downturn. Today, the Chinese renminbi rose to 6.2856 per dollar, its highest level on record.

Research In Motion (NASDAQ:RIMM) posted a narrower-than-expected loss yesterday, sending shares up 16.39% to $8.30 in after-hours trading. Overseas sales, especially in emerging markets, helped offset huge declines in developed markets.

Nike (NYSE:NKE) was less fortunate. The sports-apparel company's earnings fell 12% to $1.23 per share. Revenue rose 10% worldwide, but poor sales in Europe dragged on profits.

Twitter: @vincent_trivett
No positions in stocks mentioned.
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