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

Japanese man

ASIA: Japan was on fire, and the rest of Asia did decently. Japanese Q2 GDP was revised over 200% higher, now reported to have grown at a 1.5% annualized rate vs. 0.4% previously estimated. At the same time, China’s August import growth accelerated to 35.2% year-on-year from 22.7% in July while export growth slowed to 34.4% from 38.1% in July. Thus China’s trade balance data, at least for August, shows the exact trade balance trend much of the world is hoping for (slowing, but robust exports combined with accelerating imports)

Also, China has peculiarly brought forward the date it plans to report August inflation to tomorrow, September 11th, from September 13th. Some speculate that this is being done in order to allow China to increase its key interest rate on Monday.

Finally, China’s property market continues to be an enigma. The nation’s statistics bureau has reported that property price appreciation cooled in August for Beijing and Shenzen, while a private price survey done by leading online property portal Soufun.com has reported a price surge. Read it as you will, but mainland property stocks took it on the chin today with Poly Real Estate and Vanke down by over 1.5%.

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EUROPE: Slipping in early trade. Nokia shares are however rallying and supporting the technology space after the company poached an executive from Microsoft to be its new CEO. Deutsche Bank is mulling raising capital in order to either bolster its own balance sheet or boost its stake in Deutsche Postbank. DB shares in Germany are undecided on the news, roughly flat as of now.

Greece’s 10-year yield is marching higher again, now up 48 basis points to 11.76%. The Irish 10-year yield is holding steady at about 5.88%, so fears here have likely eased at least temporarily.

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MACRO: Gold has retraced back to $1,250. The euro is above $1.27. Newbuilding orders for both dry bulk commodity and tanker vessels are picking up, fueling further optimism in the shipping/commodities space.

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U.S. FUTURES: Are rising. Watch for wholesale inventory data at 10:00 AM ET.

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ASIA: Chinese property giant Poly Real Estate underperforms the local market on continued property concerns

ASIA: Chinese property company Vanke was also hit

ASIA: Chinese steel underperforms - Hebei Steel

ASIA: Chinese steel underperforms - Baoshan Steel

ASIA: Canon surges in Japan after announcing a share buyback

ASIA: Japan's yen remains well below 84 per U.S. dollar, but markets don't care right now

EUROPE: Nokia up after switching CEO

EUROPE: The Greek 10-year yield is marching upwards again

EUROPE: Deutsche bank shares are unsure what to make of the companies latest capital raising announcement

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