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

China Collapse

ASIA: China shares collapsed over 4%. The rest of Asia fell as well. China has announced that it will introduce stricter price controls for key food products, and markets are presumably worried about the potential for further monetary tightening and the negative economic effects of price controls.

The yen, however, has weakened even further, and is above 83 per U.S. dollar. Japanese stocks still fell, but outperformed the region.



EUROPE: Is dropping with France the worst off. The cost to insure French debt against default is rising, as bond market problems in places like Ireland appear to be spilling over. Ireland is still ‘edging’ towards accepting a bailout for its banks and the 10-year yield is stable around 8.17%.

We’ll have Eurozone consumer price inflation data at 5:00 AM ET.



MACRO: The U.S. dollar keeps rising. Gold — falling. The Baltic Dry Index has slipped again and is now well below the near-3,000 level it hit in September.



U.S. FUTURES: Are falling. Watch for the producer price index at 8:30 AM ET and industrial production at 9:15 AM.


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