Following a rise in the Sept Chinese non manufacturing PMI to a 4 month high released over the weekend and last week’s bounce in their manufacturing indices, the Hang Seng index overnight rallied to the highest since Nov ’09 and is just 1 1/2% from the best level since Aug ’08, Jakarta and Philippine indices rose to all time record highs, Singapore Straits moved to the highest since June ’08 and South Korea is approaching the highest since Jan ’08. With news over the weekend that China likes Greek debt, the Greek 10 yr yield is falling below 10% for the 1st time since June and Irish and Portuguese debt are also rallying. CDS in the PIG countries are a touch higher however and concern with their finances in addition to overall European growth are weighing on European stocks. Ireland today releases its new budget. The flood of US info is about to come our way this week with important economic data and the beginning of Q3 corporate earnings releases.
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