For the most part major stock market indices around the world have continued to retreat overnight. Although stocks have been increasingly due for a correction after the big rally that started mid-October reached exhaustion, crude oil continues to take the brunt of the blame for the fall. What a difference a few trading days can make. Can you believe that a week ago the Dow was at an all-time high in big nonfarm payrolls and the Dax was at an all-time high on dreams of a more stimulative ECB? Today finds both of these indices and many of their peers in full retreat as an overdue correction unfolds. With the International Energy Agency rejoining the parade of oil demand forecast cuts, both Brent and WTI crude remain under pressure. WTI remains below $60, confirming yesterday’s breakdown while Brent has fallen below $63 bringing $60 into view. This decline has acted as an anchor on energy sensitive currencies, dragging CAD and NOK down for the ride as well. Yesterday the energy-weighted S&P/TSX was able to hold its ground but could succumb to renewed pressure on energy stocks today. Japan has attracted interest today and could be active to start next week with both the Nikkei and JPY rallying into Sunday’s election. Industrial production for Japan improved slightly from the previous months. China data, meanwhile was mixed. Better than expected lending has been offset by reports continuing to swirl overnight that China could cut its 2015 GDP growth target to 7.0% from 7.5%. Corporate News There are no major corporate announcements this moring. Economic News Economic reports released overnight and this morning include: US producer prices 1.4% as expected US PPI ex food and energy 1.8% as expected NZ Business PMI 55.2 vs street 59.3 Japan industrial production (0.8%) vs previous (1.0%) China industrial production 7.2% vs street 7.5% China retail sales 11.7% vs street 11.5% China new Yuan loans 852B vs street 655B China M2 money supply 12.3% vs street 12.5% Spain consumer prices (0.4%) as expected Eurozone industrial production 0.7% as expected Eurozone employment 0.6% vs previous 0.4% Economic reports due later today include: 9:55 am EDT US consumer confidence street 89.5