It was a mixed day for world stock markets. The Dow managed to eke out a small gain but many other major world indices started out strong but faded to close down on the day and generate a number of bearish reversals, including the S&P. DAX and FTSE. We also saw corrections in currency markets with gold and JPY bouncing back from early declines to stage positive reversal days. Overall, today appeared to be a correction day with traders digesting a big breakout rally in oil while awaiting the Fed’s outlook for the economy and interest rates on Wednesday. Oil soared early on comments from Saudi Arabia that it is willing to do even more than it has promised to fix the oil markets. Traders have also taken Saudi Arabia, Russia, Iraq and Iran agreeing to work together on oil supply even while fighting live and proxy wars in other areas as a sign that the two-year market share war is over. Focus now turns to China for today’s Asia Pacific trading day with retail sales and industrial production reports due. Chinese market were hit hard yesterday and may be looking to stage a comeback. The data may also impact commodities like oil and copper plus resource currencies like AUD and NZD which have been climbing into the news. In Europe tomorrow the focus is on inflation with price reports due for the UK and Germany. GBP and EUR both rallied strongly with some of the recent pressure from the US Dollar easing. Corporate News There have been no major announcements after the US close today. Economic News Significant announcements released overnight include: UK Rightmove house prices 3.4% vs previous 4.5% Upcoming significant economic announcements include: (Note: 11:30 am in Sydney/Melbourne is currently 1:30 pm in Auckland, 4:30 pm in Vancouver, 7:30 pm in Toronto/Montréal, 12:30 am in London and 8:30 am in Singapore) 11:30 am AEDT Australia house price index street 4.6% 1:00 pm AEDT China industrial production street 6.1% 1:00 pm AEDT China retail sales street 10.2% 7:00 am GMT Germany consumer prices street 0.8% 9:30 am GMT UK consumer prices street 1.1% vs previous 0.9% 9:30 am GMT UK core CPI street 1.3% 9:30 am GMT UK retail prices street 2.1% 9:30 am GMT UK producer input prices street 13.5% 9:30 am GMT UK producer output prices street 2.5% 9:30 am GMT UK house prices street 7.3% 10:00 am GMT Germany ZEW current situation street 59.0 10:00 am GMT Germany ZEW expectations street 14.0 8:30 am EST US import prices street (0.4%)