ASIA: Most major markets were closed for holiday. Shanghai’s seaborne container trade was up 21% year over year in August, breaking 19 million units, and making Shanghai the busiest port in the world.
China’s Wen Jiabao has once again said that China’s yuan policy has little to do with America’s trade deficit or economic woes, as he faces increased pressure from U.S. politicians. Moreover, he has warned that a 20% rise in the yuan could spark social upheaval. So we guess that’s off the table.
In Japan, despite the offer of cheap money from the central bank, many banks aren’t taking advantage of it to expand their lending.
EUROPE: Falling in early trade. Eurozone private sector growth fell in September with an index of output (The PMI) falling to 53.8 from 56.2 in August. This slow-down was faster than economists had expected. French unions have launched yet another strike against attempts to reform France’s pension system. German unions are mobilizing as well, with ‘warning strikes‘ in order to fight for higher wages.
MACRO: The U.S. dollar has gained back some ground, but not much. The euro remains above $.133 and gold is at $1,293. The Baltic Dry Index continues to tank.
U.S. FUTURES: Are mixed so far. Today watch for initial jobless claims at 8:30 AM ET, then existing home sales and leading economic indicators at 10:00 AM ET. For key earnings we have Nike (NKE), which should come out at 4:15 PM ET.