Morning Economic News - November 5, 2008

Talk about total calm. Dow Jones Industrial Average futures are down 1 point in Asian trading at 2:01 AM Eastern Time, nearly 4 hours after John McCain conceded the election to Barack Obama. The dollar is up against the euro (1.05%) and pound (0.8%) as well as the Canadian dollar (0.76%) and down slightly against the yen (0.28%). Oil is down 2% after rising 10% Tuesday. The S&P/ASX200, Hang Seng and Nikkei stock market averages are all up 2.8% to 4.46%.

Factory Orders - September 2008

• New Orders: $432.0 billion


• Monthly Change: Down 2.5%


• Inventories: $558.7 billion


• Monthly Change: Down 0.7%

Danes Seek Vote on Adopting Euro

Denmark's government plans to push for a vote on whether to
adopt the euro, showing how the financial crisis has begun to change
views on the currency.

Luxury Consumers Scrimp

Many affluent Americans are developing a distaste for
extravagance amid the economic downturn and rising concern about the
environment.

Asian Central Banks to Slash Rates to Fight Global Slump, Swap Trades Show Asian central banks will lower
borrowing costs further to cushion the region's economies from
the global slump, trading in interest-rate swaps shows.

Australia Cuts Budget Surplus, Growth Estimates Amid Credit-Market Turmoil Australia's government slashed its
forecast budget surplus by 75 percent, saying the slowest
economic growth in eight years and fallout from the global
financial crisis will erode tax revenue.

Merkel's Cabinet Meets to Decide on $65 Billion Economic Stimulus Package German Chancellor Angela Merkel's
Cabinet meets in Berlin today to agree on a ``bold'' package of
measures aimed at shoring up the economy amid a global slowdown.

South Korea Is Determined to `Resuscitate' Economy, Ruling Party Head Says South Korea's government is
determined to ``resuscitate'' the economy by frontloading
stimulus spending in the first few months of 2009, said ruling
Grand National Party Chairman Park Hee Tae.

Bank of Japan Focusing on Risk That Slowdown Will Deepen, Shirakawa Says The Bank of Japan needs to focus on
the possibility that the economy will deteriorate further because
of lingering global financial turmoil, Governor Masaaki Shirakawa
said.

World Bank trims growth outlook for Latin America

Global recession has begun: John Kemp

U.S. factory orders tumble again