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

Chinese Man Laughing

ASIA: Japan crashed while China soared. The yen has continued to strengthen and is near 83.3 per U.S. dollar right now. Japanese industrial output also fell 0.3% in August.

China has announced tougher rules for the property market including higher down payments required to buy a home and a new trial property tax in select cities.

Thing is, these new measures appear far less harsh than investors had feared, given the sharp rally today in China. Strength was led by real estate stocks on the mainland with… get this… Vanke up 7.5% and Poly Real Estate up 8.9%. These new regulations are clearly being laughed at.

Chart

 

EUROPE: Falling slightly. Spain’s credit rating has been cut one level by Moody’s, to Aa1, which seems to have been the consensus expectation but was better than some forecasts of a two-notch downgrade. Still, Spain has lost its top credit rating.

German unemployment fell by twice the rate economists were expecting, hitting the lowest level since 1992.

Chart

 

MACRO: Oil has broken above $80. The euro is above $1.36.

 

Chart

 

U.S. FUTURES: Are slipping. Watch for U.S. GDP and jobless claims at 8:30 AM ET.

Chart

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.