Market Update

Here is a brief summary of what will and had happened during the period of my absence from the market:

1. A good move made by RBA today, where they cut interest rates by 75bps to 5.25% at 03:30 GMT. The 75bps came above expectations as speculators were anticipating a cut of 50bps instead. RBA has indeed shown their aggressiveness on their countercyclical monetary policy, and at the same time to exert some pressure on BOE and ECB for a significant ease this Thursday. 
2. Economic data everywhere seems horrifically weak globally, not sparing China as well, as China's manufacturing data shrunk by record. Interestingly, there was an article on LA Times, where it reported that some owners deserted their factories in China.  From the British Beer and Pubs Association in U.K, pubs are shutting down at a rate of 5 pubs a day, from Reuters, click here. 
3. Focus will be on US elections on Tuesday, where results will be in after the N.Y market closes. If McCain is to upset Obama, he may have to seal a win in Pennsylvania first. 
4. Watch out for the outcome of the House and Senate elections, as the Democrats seem to be in control of both bodies, question would be whether they get 60 seats in the Senate. So what will happen to the stock markets if it is a Republican or Democrat win? Click here
5. Asian markets closed with uncertainty trading throughout the day, due to weak economic data, strength and weakness in the USD, and good data that could motivate a move on equity prices. Nikkei 225 closed at 9114.60 +537.62, Shanghai closed at 1706.70 -13.07, Hang Seng closed at 14,384.34 +39.97, Straits Time Index closed at 1829.69 -54.06.  
6. Major currencies are relatively stronger to the USD for the asian session, but GBP and JPY are relatively mixed for the day.
7. US Treasury said it will seek to borrow a record 550 billion dollars in Oct to Dec.

That's all on the market brief.