ASIA: Mixed, with Hong Kong outperforming. China reported that its GDP growth slowed to 9.6% year over year in Q3, but that consumer price inflation accelerated to 3.6%. Industrial production growth was softer than expected in September, but over all China’s latest economic data seems to confirm the notion of a soft landing, albeit with worrisome inflation.
The yen just broke below 81 per U.S. dollar, which has to be getting exporters there in a tizzy once again.
Mining stocks in Australia appear to be cheering China’s economic data, with BHP (BHP) and Rio Tinto (RTP) up just under 1%.
EUROPE: Rising with moderate strength. Credit Suisse (CS) reported a 74% drop in profit for Q3, but at still a profit at least. Shares are down over 3% in Switzerland however. Despite the protests, French industrial confidence improved in October, with stronger investment and inventory builds. There has also been a notable shift to domestic demand from exports says Bloomberg.
However in Ireland, a think tank has said that the nation risks a ‘prolonged recession’ should it push through with austerity measures as planned.
MACRO: The euro is holding firm above $1.40. Dollar on the back foot again.
U.S. FUTURES: Are rising. Watch for jobless claims at 8:30 AM ET, followed by leading indicators at 10:00 AM, and the Philly Fed survey at 10:00 AM as well.
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