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

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ASIA: Japanese stocks plummeted, bringing down Asia. Yep, you guessed it — the yen. The Japanese yen is below 82 per dollar and its strength is hurting equities. All the recent currency intervention efforts have been completely ineffective given that the yen is near its lowest level all year.

Chinese stocks in Shanghai have however ignored general weakness, with energy and metals producers popping. This happens as China enacts higher reserve requirements for six major banks.

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EUROPE: Is falling with France worst off. French unions are threatening open-ended mass strikes in protest of pension reforms. Reports from the British Chamber of Commerce and the British Retail Consortium have both said they see a growth slowdown in the UK.

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MACRO: Oil is falling while the euro is stable at $1.38.

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U.S. FUTURES: Are falling. Watch for earnings today from Intel (INTC) and railroad company CSX (CSX).

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