Overnight markets

graeme at 7:11 a.m. Tue 03 Nov 2009

The Nikkei 225 is down 2.3% so far this morning, and other Asian markets have been mixed. The other big movement has been a 1% fall in the Hang Seng. The biggest gainer was Shanghai up 0.8%.

UBS has made at 564m Swiss Franc loss, and there seems to be little prospect of a short term recovery.

S & P 500 closed up 5% on good economic data (an index of manufacturing rose 0.8% in September). This may not be as encouraging as it first appears, as inventories have been run down as a result of the recession. New buying reflects the ending of the decline in inventories, rather than end user demand: a bottoming out of declines rather than growth.

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