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

China Bull

ASIA: Asian stocks markets surged, except for Japan. China’s PMI manufacturing came in at 54.7 in October, up 0.9 from September, indicating faster expansion. HSBC’s private PMI reading confirmed the growth acceleration, coming in at 54.8 vs. 52.9 in September according to the Wall Street Journal.

Stocks in Tokyo were however spooked at just how fast the yen strengthened after initially weakening beyond 81 per U.S. dollar. The yen’s now back near 80.50.

Chart

 

EUROPE: Are closed. European markets are up well in early trade. Watch for the UK’s PMI manufacturing index at 5:30 AM ET.

Chart

 

MACRO: Relatively stable on the macro front. The dollar is slightly weaker while gold is popping a bit. Chinese steelmakers continue to be plagued by oversupply concerns according to China.org.cn.

Chart

 

U.S. FUTURES: Are rising. Watch for personal income and outlays at 8:30 AM ET, with ISM manufacturing and construction spending at 10:00 AM.

Chart

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.