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

Happy Asian Trader

ASIA: Exploded higher with Japan in the lead. Everyone seems to like QE2 out of the U.S., and now the problem is trying to keep too much capital from flowing into Asian markets.

Already today Korea and China have lashed out against Bernanke’s latest moves, threatening that they’ll implement capital controls to fight easy monetary policy in the U.S..

Chinese food price inflation seems to have slowed dramatically, based on data for the week ending October 31st, whereby vegetable prices were only up 1.8% year-on-year, vs. 8% overall food price inflation in September due to weather.

Japan lead the party today, with the Nikkei up over 2%. Nissan has hiked guidance, and shares were up nearly 4% today. Fast Retailing popped a cool 8% after reporting a smaller than expected decline in same store sales growth. The yen is at 80.9 per U.S. dollar, weakening slightly.

BHP’s takeover bid for Canada’s Potash Corp has been rejected by the Canadian government, yet while Potash shares have fallen, at $138 they interestingly still trade above the $130 price BHP had offered. BHP shares were actually up 2.6% today, which implies the market would rather BHP save its money.



EUROPE: Up strong as well. Unilever has however reported third quarter sales growth that missed expectations. The Irish 10-year bond yield continues to hit new highs, and is now above 7.5%.


MACRO: Gold just shy of $1,360 again. The euro has broken above $1.41. An 82-year old American has claimed to have found the world’s largest titanium deposit, one which could corner the market he says.



U.S. FUTURES: Are rising slightly. Watch for jobless claims at 8:30 AM ET.


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