* MORNING WRAP

  1. TEXAS INSTRUMENTS SEES 4Q EPS 50C-54C; ANALYST EST. 51C
  2. China Inflation Surges to 11-Year High; Trade Surplus Swells
  3. Oil Rises on Speculation Fed Cut Will Help U.S. Avoid Recession
  4. Novartis Plans to Reduce Workforce, Bureaucracy, WSJ Reports
  5. Xstrata May Open Takeover Talks With Possible Bidders, FT Says
  6. Fiat May Spin Off Auto Unit, Marchionne Tells Automotive News
  7. Rio Tinto Applies in U.K. for Deadline on BHP Takeover Proposal
  8. GBL May Raise Lafarge Stake to as Much as 30%, Director Says
  9. SWISS RE SAYS BUYBACK LIKELY TO BE COMPLETED AHEAD OF TIME
  10. WASHINGTON MUTUAL (WM US) down 8.9% after hours in the U.S. cut dividend to
    15cts, taking provisions $1.5bln and cuts 6% of workforce

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