ASIA: Eased back, with China giving back some of yesterday’s 3%+ gains. China’s power consumption growth slowed to 8.5% year-over-year in September, from 14.7% in August. The government has hiked its regulated gasoline and diesel prices by 3%, in response to global prices, yet the new pricing is equivalent to what China had in place back in May of this year.
The yen is above 81 per U.S. dollar again, but it hasn’t stopped a Nissan Motors executive from coming out and describing “a huge sense of crisis over the strong yen” at his company.
Down under, the potential merger of Singapore Exchange and Australia’s ASX has come under fire from Australian lawmakers, sinking ASX shares by over 7% in Sydney.
EUROPE: Diving, with France leading the losses. UBS reported a surprise loss for its third quarter, and its shares are down nearly 4.9% in Switzerland. Steelmaker Arcelor Mittal also reported, buts its guidance seems to have been weaker than expected and shares are down 4.8%.
Ambrose Evans-Pritchard highlights the peculiar risk that Germany’s economic outperformance could sink other Eurozone economies by imposing higher interest rates on the entire currency union before many nations are ready to handle them.
MACRO: The dollar is rising and the euro has broken below $1.40.
U.S. FUTURES: Are falling slightly. Watch for Case-Shiller housing prices at 9:00 AM ET and consumer confidence at 10:00 AM ET.
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