Stock markets around the world are falling this morning after softer than expected flash manufacturing reports reminded the street that many economies outside of North America and the UK continue to struggle. While China’s weakness was not a huge surprise, the shortfall in Germany was particularly disheartening to many traders who had been hoping the positive ZEW survey earlier this week was a thing to come. Instead, it appears to be a one-off event and European indices have been unwinding their ZEW related rebounds this morning. US indices, meanwhile, look like someone primed and ready for a big night out on the town but stuck waiting for their date to show up. US indices continue to trade just below all-time highs and have not fallen as much as other markets, but are still struggling to find a reason to go higher with earnings season pretty much over now. US inflation came in a bit higher than expected, and most interestingly does not appear to reflect any of the impact from falling oil prices that has lowered inflation in other countries. Either there could be a delayed effect, or inflation pressures may be rising in the US which could keep the Fed hawkish. This has shored up support for USD but for the most part, currency trading has been relatively steady so far today. Although WTI and gold are steady, the strongest currencies today have been the oil-sensitive CAD, NOK and RUB. US markets could be active through the morning with US flash PMI, Philadelphia Fed and other indicators due in the hour after US exchanges open. Natural Gas could be active today on a combination of storage and weather reports with heating season now underway. Corporate News Keurig Green Mountain $0.90 vs street $0.76, 15% dividend increase L Brands $0.44 vs street $0.39 Economic News Economic reports released overnight and this morning include: US consumer prices street 1.6% US CPI ex food and energy street 1.7% US jobless claims street 284K Japan flash manufacturing PMI street 52.7 China flash manufacturing PMI 50.0 vs street 50.2 France flash manufacturing PMI 47.6 vs street 48.8 France flash service PMI 48.8 vs street 48.5 Germany flash manufacturing PMI 50.0 vs street 51.5 Germany flash service PMI 52.1 vs street 54.5 Eurozone flash manufacturing PMI 50.4 vs street 50.8 Eurozone flash service PMI 51.3 vs street 52.4 UK retail sales 4.3% vs street 3.8% UK retail ex auto 4.6% vs street 4.2% Germany producer prices (1.0%) as expected Norway GDP 0.5% as expected NZ producer output prices (1.1%) vs previous (0.5%) NZ producer input prices (1.5%) vs previous (1.0%) Economic reports due later today include: 9:45 am EDT US flash manufacturing PMI street 56.3 10:00 am EDT US Philadelphia Fed street 18.5 10:00 am EDT US existing home sales street 5.15M 10:00 am EDT US leading index street 0 6% 10:30 am EDT US natural gas street (13 BCF)