Morning Briefing: 10 Things You Should Know

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NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, Oct. 7:

1. -- U.S. stock futures were suggesting Wall Street would open lower Monday as the government shutdown entered a seventh day and as the deadline for raising the nation's debt limit stands only 10 days away.

European stocks fell in trading Monday. Asian shares ended the session with losses. Japan's Nikkei 225 index declined 1.2%.


2. -- The economic calendar in the U.S. Monday includes consumer credit for August at 3 p.m. EDT.


3. -- U.S. stocks on Friday finished with gains.

The S&P 500 rose 0.62% to 1,689.07. The index lost 0.48% for the week. The Dow Jones Industrial Average closed up 0.43% to 15,061.60. The blue-chip index slid 0.78% over the week. The Nasdaq added 0.85% to 3,806.29. The tech-heavy index gained 0.54% last week.


4. -- The government shutdown entered its second week with no end in sight. There are signs the U.S. is closer to the first default in its history as Speaker John Boehner ruled out any measure to boost borrowing authority without concessions from President Obama.

The U.S. will run out of borrowed money "no later than Oct. 17" unless Congress raises the $16.7 trillion debt limit, according to Treasury Secretary Jacob Lew.

Lew warned that the budget brinkmanship was "playing with fire" and implored Congress to pass legislation to re-open the government and increase the nation's debt limit. Lew reiterated that Obama has no intention to link either bill to Republican demands for changes in the three-year-old health care law and spending cuts.

Boehner insisted that Obama must negotiate if the president wants to end the shutdown and avert a default.

"We're not going to pass a clean debt limit increase," the Ohio Republican said in a television interview. "I told the president, there's no way we're going to pass one. The votes are not in the House to pass a clean debt limit, and the president is risking default by not having a conversation with us."


5. -- Airbus clinched a deal for Japan Airlines to buy its first-ever jets from Airbus for 950 billion yen ($9.5 billion).

Japan Airlines is buying 31 A350 planes; the deal also includes includes options for another 25 of the planes.

Boeing had been a supplier to Japan Airlines for decades.

Japan Airlines President Yoshiharu Ueki said the decision to turn to Airbus, the European manufacturer, for replacements for retiring Boeing 777 jets was unrelated to the problems that have plagued Boeing's 787 Dreamliner planes.

"This is seriously bad for Boeing. They need to do a little soul searching," Richard Aboulafia, airline analyst with the Virginia-based Teal Group, told Reuters. "(The 787 problems) inevitably led to doubts about execution, resources and time."


6. -- BlackBerry is in talks with Cisco , Google and SAP about selling them all or parts of itself, several sources close to the matter told Reuters.

Such a deal would be an alternative to the preliminary agreement reached weeks ago with a group led by Fairfax Financial Holdings, BlackBerry's biggest shareholder, to take the company private for about $4.7 billion, Reuters noted. That bid has faced some skepticism because of financing questions.

BlackBerry has asked for preliminary expressions of interest from potential strategic buyers, which also include Intel , LG and Samsung early this week, according to Reuters.

Google, Intel, Cisco, LG and SAP declined to comment for Reuters. Samsung wasn't immediately available for comment.


7. -- Alcoa , the aluminum maker, kicks off earnings season Tuesday when it reports third-quarter earnings. Analysts expect Alcoa to post earnings of 6 cents a share on revenue of $5.67 billion.

Alcoa was dropped from the Dow last month.

Shares rose 10 cents to $7.96 on Friday. JPMorgan lowered its third-quarter earnings outlook on Alcoa and Deutsche Bank downgraded the company last week to "sell" from "neutral" because of a "deteriorating outlook" for Alcoa's aluminum business.