The First Look: Your 10-Second Guide To What Happened Overnight

hong kong

Photo: Stuck in Customs on flickr

ASIA: Asia surged, outside of China. Hong Kong’s Hang Seng has hit a multi-year high, though mainland Chinese stocks gave back some of its recent gains.Today’s excuse for strength is that markets are optimistic about today’s Fed meeting completion in the U.S., plus the Republican election victories. As a side note, a Hong Kong property auction in Kowloon just missed pricing expectations by a cool 20%, which in a sense is probably healthy.

At the same time, the World Bank has just hiked its Chinese GDP growth forecasts for 2010 and 2011, and believes inflation will remain contained. They blame recent upticks on simply the weather affecting food prices, rather than a structural issue.

Japan’s market was closed for holiday and the yen is quiet, still around 80.60 per U.S. dollar.



EUROPE: Is rising, with Germany in the lead. Watch for the U.K. PMI services industry index at 5:30 AM ET. Greece has shut down its foreign mail services after mail bombs went as far as Germany and Italy.



MACRO: The euro is back above $1.40. Oil is above $85.



U.S. FUTURES: Are undecided. Watch for the ADP employment report at 8:15 AM ET, and the much-awaited results of the Fed’s policy meeting at 2:15 PM.


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