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.
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.
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.
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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