Good morning Asia! Here’s what you need to know:
- U.S. markets surged overnight, with the NASDAQ up a notable 0.96%. The basis for the U.S. rally was continued confidence about quantitative easing II, and positive earnings out of JPMorgan and Intel.
- The Australian dollar is now within one cent of parity with the U.S. dollar. This is its highest level since the currency was floated 27 years ago.
- Japan’s CGPI, or producer price index, is released at 7:50 PM ET. The expectation is for it to fall 0.2%.
- Japanese Prime Minister Naoto Kan has told South Korea and China to “act responsibly” in regards to their currencies. The statement is not likely to be the last prior to the Seoul G20 conference, which will likely focus on the currency issue. The currency war is one of our top stories to watch, see the other 9 here >
- The Central Bank Governor of the United Arab Emirates is expecting 3-4% growth for the country in 2010. The country also intends to increase regulations on banks to slow credit growth. Check out the 19 countries most likely to default >
- Opec meetings start today in Vienna, at 12:00 AM ET. Ian Taylor of Vitol says it’s likely oil will remain in a trading band of $75 to $85 a barrel, not rising to $100.