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

ben bernanke

Japan plummeted, pulling Asia down, though China held the line. Chinese consumer inflation shot past the government target due to rising food prices to 3.3%, a 2010 high.

Chinese regulators have also announced that they will force Chinese banks to come clean with their off-balance sheet lending by the end of 2011.

The Japanese yen keeps strengthening, and broke below 85 per dollar for a moment.

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Europe started weak, then tanked after the BoE inflation report. The Bank of England cut its economic outlook today and reported that inflation, which is well above the bank’s 2% target at 3.5%, could remain higher for longer.

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The dollar and gold are rising. The Baltic Dry Index continues to rebound, one factor could be a rebound in Chinese iron ore imports due to steelmakers re-stocking.

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U.S. futures fell deeper in the red after th BoE report. Watch for America’s international trade data at 8:30 AM ET, the EIA petroleum report at 10:00 AM, and the Treasury budget at 2:00 PM.

EARNINGS: Whole Foods (WFMI)

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The Japanese yen at one point broke below 85 per dollar

Slammed in Japan: Canon

Slammed in Japan: Appliance company Daikin

Slammed in Japan: Auto components supplier Denso

Slammed in Japan: Hitachi

Slammed in Japan: Honda

Slammed in Japan: Steelmaker JFE

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