ASIA: Japan led Asian losses. Japan was weighed down by multiple stocks trading ex-dividend, but the yen has also already retraced a good half of the move it made post-currency intervention, and is now at 84.2 per dollar. The Bank of Japan is reportedly divided on whether or not it should ease monetary policy next week.
At the same time however, one Japanese official has actually come out and said that Japan should explore a stronger yen.
Property stocks in China led losses there, as the bogeyman of property tightening concerns made its return. The government has unveiled new regulations aimed at preventing land hoarding by developers.
EUROPE: Falling with strength. Europe has been hit by S&P’s high estimate for the cost of Ireland bailing out Anglo Irish bank, at 35 billion euros. Moody’s also downgraded the credit rating for Anglo Irish by three levels to Baa3. In Portugal, the government’s effort to raise taxes in order to fix the budget is under fire from the political opposition.
However, German consumer confidence beat expectations and rose in October coming in at 4.9 vs. 43. in September according to GfK.
MACRO: Gold and oil have slipped. The euro remains near $1.34. Oil is soft on the prospect of U.S. stockpiles.
U.S. FUTURES: Falling moderately already. Watch for Case Shiller housing data at 9:00 AM ET and consumer confidence at 10:00 AM.