After getting slammed to start the week, today could be a crucial day for Hong Kong trading. The Hang Seng had already been trending lower but the weekend and ongoing protests sent many traders running for the exits. Today is the last day of trading ahead of the National Day holiday and Golden week, so we could see a tug of war between those looking to exit positions before markets close both from the long and short (cover and take profits) sides. The China A has not been hit by the political side but it along with other China sensitive markets like Australia and copper could be active today on the manufacturing PMI report which may indicate if China is still slowing or stabilizing. Japanese markets also have the potential to be active today with the monthly basket of economic indicators coming out over the course of the day. Lately, JPY has been crushed by the rising USD, but that has ignited the Nikkei on speculation a lower yen would help exporters. Both markets have been getting overextended technically so we could see a strong response to any news that comes out. NZD also may be active today as the street continues to digest yesterday’s news that the RBNZ intervened in the market in August selling down the dollar. The big question now is if the central bank is close to done or just getting started? Yesterday’s selloff could have been a big washout nd even if the RBNZ plans to continue, we could see short covering or other action around today’s NZ economic reports even though they are second tier. Corporate News Ford put out a profit warning, cutting its FY2014 pre-tax earnings guidance to $6.0, and indicated it expects European results to be worse next ear. Economic News Significant announcements released overnight include: US personal income 0.3% as expected US personal spending 0.5% vs street 0.4% US PCE core inflation 1.5% vs street 1.4% US pending home sales (4.1%) vs street (1.4%) US Dallas Fed 10.8 vs street 10.5 and previous 7.1 Upcoming significant announcements include: 9:30 am AEST Japan unemployment rate street 3.8% 9:50 am AEST Japan retail sales street 0.5% 9:50 am AEST Japan industrial production street (1.1%) 11:30 am AEST Japan labour earnings street 0.9% vs previous 2.4% 3:00 pm AEST Japan housing starts street (14.2%) 3:00 pm AEST Japan construction orders previous 24.4% 11:45 am AEST China manufacturing PMI street 50.5 7:45 am AEST NZ Building permits street 0.0% 10:00 am AEST NZ ANZ activity previous 36.6 10:00 am AEST NZ ANZ bus confidence previous 24.4 3:30 pm AEST India RBI interest rate 8.00% no change expected 7:00 am BST UK Nationwide house prices street 10.4% 7:00 am BST Germany retail sales street 0.3% 8:55 am BST Germany unemployment change street (2k) 8:55 am BST Germany unemployment rate street 6.7% 9:00 am BST Norway retail sales street 0.8% 9:00 am BST Italy unemployment rate street 12.6% 9:30 am BST UK GDP update street 3.2% 10:00 am BST Greece retail sales previous 0.3% 10:00 am BST Eurozone unemployment rate street 11.5% 10:00 am BST Eurozone core consumer prices street 0.9% 10:10 am BST Norges Bank Olsen speaking 8:30 am EDT Canada July GDP street 2.8% 8:30 am EDT Canada industrial prices street (0.2%) 8:30 am EDT Canada raw material prices street (1.5%) 9:45 am EDT US Chicago PMI street 62.0 10:00 am EDT US consumer confidence street 92.5 10:45 am EDT US Fed Powell speaking