Good morning Asia. Here’s what you need to know to start your trading day:
U.S. markets surged Wednesday, recovering from Tuesday’s post-China rate hike slide.
- Dow up 1.18%
- S&P 500 up 1.05%
- NASDAQ up 0.84%
- The Federal Reserve’s Beige Book indicated improving confidence in the U.S. economy, though limited positivity around the labour market. Check out why the San Francisco Fed thinks we’re headed for disinflation >
- Bank of America was down in U.S. trading due to continuing concerns over foreclosure-gate. Morgan Stanley reported disappointing earnings.
- Apple announced new products today, though nothing earth shattering. The new Mac operating system, Lion, is not expected until Summer 2011.
- The UK announced extensive austerity measures in today’s spending review with cuts worth £81 billion.
- Protests continued in France over the country’s move to raise the retirement age. Lyon and the suburbs of Paris were hit by significant youth protests. Check out videos of the protests here >
And here’s what to look out for in Asia:
- Australian miners BHP, Rio Tinto, and Xstrata may back out of their mining tax deal with Australia’s government.
- China will release a sizable amount of economic data overnight, including GDP, industrial production, and CPI at 10 PM ET.
- Japan’s All Industry Activity Index is released at 11:30 PM ET. It is expected to fall 0.4%.