Morning all.. No Wall St yesterday due to the Holiday but European stocks had a very good day. In Asia however things were not so good with the Nikkei down 0.3% but China falling steeply, down over 5%. China’s industrial profits slumped 4.6%yoy in October, for fifth straight month, after falling 0.1% in the previous month. As per Reuters, Industrial profits – which cover large enterprises with annual revenue of more than 20mn yuan ($3.13mn) from their main operations – fell 2.0% in the first 10 months of the year compared with the same period a year earlier, the National Bureau of Statistics (NBS) said on its website. Plus the probe into brokerages continues and is unnerving professional traders within the industry and stocks fell hard. USDJPY fell on weaker stocks and the EUR rallied from the lows with AUD flirting with .7200 again. Japanese Prime Minister Shinzo Abe said he would increase spending on social programs and raise the minimum wage as he tries to jump-start the flagging economy ahead of an election next summer. As reported on the WSJ, Abe said the government would give cash handouts to the elderly and poor. On the data front, Nationwide core CPI (ex. fresh food) in October remained flat at -0.1%yoy. The unemployment rate fell to 3.1% in October from 3.4% in September. The level in October was the lowest since July 1995. Elsewhere UK’s GfK consumer confidence dropped to a six-month low at 1 in November less than median estimated and prior reading of 2 in October. There is no US data today but this morning we do have French consumer spending and PPI, Spanish inflation, Swedish and Norway retail sales and a second look at Q3 GDP in the UK. It is another half day for US markets today.. Good luck..