The First Look: Your 10-Second Guide To What Happened Overnight

Jamaica Sunrise Beach palm

Photo: en.wikipedia.org

Developing… this will be updated as the morning progresses.ASIA: Started soft, but finished higher. China, Korea, and Australia outperformed, while Japan fell. Japanese GDP growth unexpectedly ground to a halt during Q2. FDI into China continues to expand despite rising wages. Additional market action in the focus charts below.

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EUROPE: Moving higher across the board. Eurozone inflation is near a two-year high. Carlsberg reported earnings today and increased its guidance.

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MACRO: Gold is holding well above $1,200, the yen is approaching 95 per US$ again. Despite China slow-down concerns, the Australian dollar is strengthening.

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U.S. FUTURES: Rising so far. Today watch for housing starts data at 8:30 AM ET, produce prices at 8:30 AM, and industrial production at 9:15 AM.

EARNINGS TODAY: Abercrombie & Fitch (ANF) and Home Depot (HD)

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The Aussie dollar is rising

The yen is strengthening against the U.S. dollar, approaching 85 again

Hong Kong's Hang Seng Index started the day lower, but then closed higher

Japan's Nikkei tried to rally in late-trading, but couldn't end positive

China's CSI300 showed relative strength for most of the day

Australia's ASX200 beat even the CSI 300 today, significant relative outperformance here (+0.87% today)

Korea's KOSPI outperforms (+0.672%)

Australian miners were up, Rio Tinto has the ADR RTP

Aussie miners rising: BHP Billiton (The ADR is BHP in the U.S.)

But Asian steelmakers took it on the chin - China's Hebei

China's Baoshan steel was down as well

Even Korea's efficient steelmaker Posco (ADR PKX in the U.S.) slipped, despite a strong finish for the Korean market

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