Morning Update – 07/10/15 – 08:51:12

Morning all… Wall St struggled even with higher oil prices and the S&P closed down 0.36% at the close but Asia reacted well to the rally in oil with the Nikkei up nearly 1% and HK up 1.4$ at last look. IN FX the dollar fell through the day yesterday with strong rallies in EUR and GBP but USDJPY rather subdued as yields fell and the BoJ refrained from further stimulus. The BoJ kept its QQE program unchanged amid growing speculation that signs of a recession will press it to act at the end of the month. The central bank also maintained its economic assessment, adding only one sentence on business sentiment: “business sentiment has generally stayed at a favourable level, although somewhat cautious developments have been observed in some areas”. USDJPY anchored to 120.00. USD weakness remained in the Asia session with EUR above 1.1250 still and AUD on session highs at .7188.. IMF cut its outlook for global growth this year to 3.1% from a July forecast of 3.3%. For 2016, the world economy is expected to expand 3.6%, less than the 3.8% projected in July. 2015 will mark the fifth consecutive year that average growth in emerging economies has declined, the fund predicts in its world economic outlook. Some feel this forecast is still optimistic!. Gold oil and silver all higher again as they react to a lower dollar. UK’s British Retail Consortium shop price index declined 1.9% yoy in September, at a faster pace after falling 1.4% in the previous month. We have the BoJ press conference just starting but no surprises expected.. This morning we also get Spanish industrial output, Norway and UK  Industrial production.. Earlier we had more poor German data in the form of weak Industrial production.. Good luck..