Good morning New York,
NEWS
The UK current account deficit widened to £20.7 billion ($33.89 billion) in the third quarter, a shortfall equivalent to 5.1 per cent of GDP and the widest deficit since 1989, according to the ONS. Growth continues to strengthen, but exports and overseas earnings have slumped (Wall Street Journal, Financial Times).
Richard Li's PCCW will buy back the Hong Kong mobile business it sold to Australian rival Telstra a decade ago. PCCW's subsidiary HKT will pay $2.4bn for CSL, which owns the 1010 and one2free mobile brands, in a deal that will give it a 31 per cent share of Hong Kong's mobile telecoms market (Financial Times).
A senior Chinese finance official cheered the decision this week by the U.S. Federal Reserve to ease back on its efforts to stimulate the economy at a press conference on Friday. The official also added a cautionary note that the central bank should be mindful of the consequences of its actions (Wall Street Journal).
S&P downgraded the European Union's long-term credit rating one notch, to AA+ from triple A, citing weaker creditworthiness among the 28-member bloc. The rating agency said that budget negotiations have become more contentious (Wall Street Journal).
Markets: Monetary policy is in focus as Wall Street sits near record highs, but Chinese stocks record their worst losing streak in nearly two decades while the Japanese yen falls to fresh five year lows (Financial Times).
