Good morning! Here's what you need to know. CHINA'S MANUFACTURING SECTOR IS SHRINKING. The official Purchasing Managers' Index (PMI) was at 49.8 in October, the same pace as in previous month and lagging market expectations of 50.0, fuelling fears that the economy may be cooling. HSBC'S PROFITS ARE RISING. The bank reported a better than expected 32% rise in pretax profit for the third quarter, thanks to reduced costs from fines and settlements with regulators. TURKEY HAD ITS SECOND ELECTION IN FIVE MONTHS. Turkish Prime Minister Ahmet Davutoglu hailed a "day of victory" after his ruling party regained its parliamentary majority in Sunday's vote. THE BIG ASIAN ECONOMIES SIGNED A HISTORIC ACCORD. The leaders of South Korea, Japan and China pledged to work toward greater economic integration at their first joint meeting in over three years on Sunday, as they work to ease tensions stemming from Japan's wartime past. GREEK BANKS NEED MORE CASH. The European Central Bank said four major Greek banks would have a capital shortfall of up to 14.4 billion euros ($15.8 billion) if the economy took a turn for the worse. The four banks concerned – Alpha Bank, Eurobank, NBG and Piraeus Bank – have until November 6 to submit plans explaining how they intend to make up that shortfall. SWISS RETAIL SALES FIGURES ARE COMING. Switzerland's Federal Statistics Office is publishing September retail sales data for the country at 8:15 am UK time (3:15 am ET). The figure fell 0.3% last month but the consensus is for a 0.2% rise this month. SAUDI ARABIA ISN'T HAPPY ABOUT ITS DEBT DOWNGRADE. The country criticised Standard and Poor's for downgrading the kingdom's credit rating over the oil price slump, saying it was not backed by facts."The evaluation... came as a hasty reaction, unjustified and not backed by reality," the finance ministry said. HEWLETT-PACKARD IS SPLITTING UP. Seventy-seven years after Bill Hewlett and Dave Packard began tinkering in a Palo Alto garage, the company that became the foundation for Silicon Valley is breaking up. Hewlett-Packard on Sunday officially splits into two entities, opening a new chapter for the US technology legend. THE EUROPEAN PURCHASING MANAGERS INDEX IS COMING. Markit Economics publishes its Manufacturing Purchasing Managers Index at 9:00 am UK time (4:00 am ET) with the consensus figure at 52. Anything over 50 is considered positive. AIRLINES ARE DIVERTING FLIGHTS TO AVOID THE SINAI PENSINSULA. Lufthansa will stop flying over Egypt's Sinai peninsula "as a security measure" after a Russian plane crashed in the area on Saturday, killing all 224 people on board, a spokeswoman for the German airline told a newspaper. Join the conversation about this story » NOW WATCH: 50 Cent testifies his lifestyle is an illusion
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