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

Irish Cement Truck

ASIA: Asia dropped as new Chinese capital controls announced. China has announced stricter capital controls in response to the Fed’s new round of quantitative easing, increasing the regulation of financial institutions’ currency holdings.

The yen has strengthened back below 81 per U.S. dollar and is near 80.8.



EUROPE: Mixed. The E.U.’s Commissioner for Economic and Monetary Affairs is trying to jawbone Ireland’s debt situation, telling us that we need to focus on Ireland’s ‘positives’ in addition to its ‘negatives’.  Regardless, the Irish 10-year yield has shot even higher today, and is at 7.87%. The Greek 10-year yield remains stable after news yesterday that the current government has avoided a snap election, yet remains near 11.4%.

In the U.K., housing prices just fell to an 18-month low. Barclays has reported a 76% drop in profit, yet the shares are up over 1%.



MACRO: Gold continues to surge above $1,400. Yet the dollar is rising as well. The euro is just above $1.38.



U.S. FUTURES: Falling. Watch for wholesale trade data at 10:00 AM ET.


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