ASIA: China plummeted further, Japan outperformed. News of China drafting regulations to deal with food price inflation continues to hammer Asian stocks. Latest data shows that Chinese consumer confidence fell in Q3 due to inflation concerns.
Japan outperformed, and yes the yen has weakened further; now at 83.52 per U.S. dollar. The Australian market has dropped to a four-week low.
EUROPE: Mostly rising. European officials are putting together an bailout package for Ireland which could hit 100 billion euros in size, but so far has stopped ‘just short’ of an immediate bailout. The Irish 10-year yield is rising slightly, but is at just 8.25%, thus still holding below the recent peak it had spiked up to.
MACRO: The dollar keeps rallying. The euro is now below $1.35. Gold and commodities are dropping.
U.S FUTURES: Rising. Watch for the consumer price index and housing starts at 8:30 AM ET.
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