ASIA: Japan sinks, Asia manages minor gains. There is continued speculation of further currency market intervention coming from Japan, and the yen blew back to above 85 per dollar at one point on news Japan would free a detained Chinese ship captain.
Problem is, the yen then strengthened and gained most of the move back, so yen strength remains troublesome for Japanese exporters and they took it on the chin today.
EUROPE: Struggling to stay float in early trade. So far markets have been weak, after some disappointments on the economic data front out of the U.S. and Europe yesterday (Such the Eurozone PMI slowing by more than expected.) However, today Q2 French GDP was revised up, to +0.7% from +0.6%, and German business sentiment beat expectations and rose in September.
MACRO: Gold is JUST shy of $1,300. The Baltic Dry Index has shed a few more points. Still, newbuilding activity for dry bulk ships is on a roll.
U.S. FUTURES: Are nonetheless rising. Watch for durable goods data at 8:30 AM ET and new home sales at 10:00 AM. Homebuilder KB Homes (KBH) will also be reporting ahead of the market open.
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