[Editor's note: the following is a cross post from Wall St. Cheat Sheet.]
Greece’s prime minister George Papandreou will meet with French President Nicolas Sarkozy and German chancellor Angela Merkel today to discuss his referendum plan. The three will meet in Cannes for the G20 summit meeting, which will include discussions of how to quickly fight the euro zone debt crisis.
In addition to angering his euro zone peers, Papandreou’s referendum decision has not been fully supported by some of his party members and the media. On Friday, Greek parliament will vote on his actions.
(Super Hot Feature: VIRAL VIDEO: The Secret Truth Behind Who Will Really Bail Out Europe.)
After China’s (NYSE:FXI) disappointing manufacturing activity numbers on Tuesday, the euro zone delivered its own weak manufacturing figures today. The 17-nation region reported greater contracting than expected for October, with a Markit purchasing managers index declining to 47.1, from 48.5 in September. The preliminary estimate had been 47.3. A number of less than 50 indicates a contraction. The one positive note was Ireland, who showed a slight growth at 50.1.
A MF Global (NYSE:MF) attorney has told a U.S. Bankruptcy judge that the alleged $700 million in missing customer funds has been accounted for; however, the firm did admit to using them for its recent troubles. The FBI will most likely investigate this for possible criminal activity.
Time Warner (NYSE:TWX) reported third quarter earnings jumped 57 percent from increasing revenue after its previous year $295 million debt-related charge. The company reported a $822 million profit ($0.78 per share), up from $522 million ($0.46) from the previous year. Without investment gains and other items, earnings rose to $0.79 from $0.62. Revenue rose 11 percent to $7.07 billion. Analysts estimates had earnings at $0.76 per share from $6.98 billion in revenues. Contributing to the strong third quarter was the Harry Potter film’s $1.3 billion global box office sales.