ASIA: Shanghai soared over 3%, ignoring a regional slump.There are many references to markets being mixed today ahead of Ben Bernanke at 8:15 AM in the U.S., but China has just gone ahead and rallied, driven by banking shares.
Japan continues to make noise about intervening to reverse the strong yen. Prime Minister Naoto Kan has said he’s ‘very concerned about the situation. Yen traders however don’t seem too concerned about his concern — the yen has strengthened over the last few hours and is at 81.16 per U.S. dollar.
Property prices in major Chinese cities rose 9.1% year over year in September. A survey has found the majority of Chinese bankers concerned about a property crash, and we believe this is actually good news, as it’s harder for a crisis to happen when everybody expects it. The spot yuan is at its strongest level against the U.S. dollar since July 2005.
EUROPE: Is mixed. French protests are blocking fuel supplies in parts of the country. Watch for Eurozone consumer prices at 5:00 AM ET.
MACRO: The dollar has stabilised, but remains at near-term lows. Ditto for the euro and gold except they’re at near-term highs. Waiting for a cue from Mr. Bernanke?
U.S. FUTURES: Are mixed. Watch for Ben Bernanke speaking at 8:15 AM ET, the consumer price index and retail sales at 8:30 AM, and consumer sentiment at 9:55 AM.
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