Quick Overview

• The New York Federal Reserve's manufacturing index dropped from 15.58 to 12.08 in October, weaker than expected.
  

• Wilma, the 21st named Atlantic storm this season, formed today over the Caribbean Sea, the U.S. National Hurricane Center said. The storm is on a track that will see it enter the Gulf in four days.

• The Florida Citrus Processors said there are 106.2 million gallons of frozen concentrated orange juice in inventory on October 8th, 30% less than a year ago.
  

• Bank of Japan believes deflation to end this year.

• The Green Coffee Association said that U.S. coffee stocks were down 274,908 bags at 5.66 million bags.
  

• London inventories of copper are at 65,700 tons.

• With firms increasingly concerned about business conditions in Australia the NAB index fell to 13.1 from 14.2 in the second quarter. This is down from a recent peak of 20 in the second quarter of 2004.

• GM reached a deal with the United Auto Workers union to cut employees health-care costs.

• The U.S. Supreme Court rejected the government's appeal aimed at reinstating a potential $280 billion penalty in its landmark racketeering case against cigarette makers. Altria, a Dow component, rose $4.30, or 6.1%, to $74.96.