Good morning traders!

In the US last night, the Dow fell 159 points to 14,777, the Nasdaq lost 75 points at
3,695 and the S&P500 shed 21 points at 1,655.

In Asia today, the Nikkei was recently up 72 points at 13,966 and the Hang Seng off
132 points at 23,047.

WTI crude oil traded at $103.49 a barrel and Brent crude at $110.16.

Gold settled at $1,324 an ounce.

Good hunting!

G.

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South China Morning Post

China Daily

Obama says Republicans must end 'threats' on fiscal impasse

WASHINGTON | Wed Oct 9, 2013 4:35am BST
(Reuters) - President Barack Obama refused to give ground in a fiscal confrontation with Republicans on Tuesday, saying he would negotiate on budget issues only if they agree to re-open the federal government and raise the debt limit with no conditions.

At a news conference, an unbending Obama said he would not hold talks on ways to end the fiscal impasse while under threat from conservative Republicans, but agreed to discuss anything, including his healthcare plan, if they restore government funding and raise the debt limit.

Obama to nominate Janet Yellen to head Federal Reserve

US President Barack Obama will nominate Federal Reserve Vice-Chair Janet Yellen to be the next head of the US central bank on Wednesday, according to a White House official.

If confirmed by the US Senate, Ms Yellen would replace Ben Bernanke, who has held the post for eight years.

She has been his deputy for the last two years, and would become the first woman to head the Federal Reserve.

Ms Yellen and Mr Bernanke are due to appear with the president on Wednesday.

UK Stocks-Factors to watch on Weds Oct. 9

LONDON | Wed Oct 9, 2013 6:57am BST
Oct 9 (Reuters) - Britain's FTSE 100 index is seen opening down 14-19 points, or as much as 0.3 percent lower on Wednesday, according to financial bookmakers, as a U.S. budget stalemate dragged on. For more on the factors affecting European stocks, please click on

* U.S. President Barack Obama said on Tuesday he would be willing to negotiate budget issues with Republicans only if they agree to re-open the federal government and raise the debt limit with no conditions.

Nikkei gains after yen weakens on news Yellen tapped to lead Fed

Wed Oct 9, 2013 7:37am BST
TOKYO, Oct 9 (Reuters) - Japan's Nikkei share average
recovered from a five-week low and gained 1 percent on
Wednesday, helped by news that President Barack Obama has tapped
Federal Reserve Vice Chair Janet Yellen to head the U.S. central
bank.

The news removed some uncertainty hanging over the market
and helped risk appetite, weakening the yen against the dollar.
That triggered futures buying and bargain hunting in
exporters that were weaker in early trade, traders said.

The Nikkei closed up at 14,037.84, after falling as
low as 13,751.85 in the morning session. That was just above a
five-week low of 13,748.94 hit on Tuesday.

The broader Topix gained 1.5 percent to 1,166.90.

Opening Market Overview

GBP Manufacturing Production m/m -1.2% 0.3% 0.2%

GBP Trade Balance -9.6B -8.9B -9.9B

GBP Industrial Production m/m -1.1% 0.2% 0.1%

German Industrial Production m/m 1.4% 1.1% -1.1%

Midday Market Overview

Obama to meet House Democrats on budget: White House official

WASHINGTON | Wed Oct 9, 2013 9:25am EDT
WASHINGTON (Reuters) - U.S. President Barack Obama has invited House of Representatives Democrats to meet Wednesday to discuss the budget crisis and a looming debt deadline, the first of a series of talks with lawmakers of both parties, a White House official said.

Other caucuses, including Republicans from both houses of Congress, will be invited in coming days, the official said. The meeting Wednesday will take place at 4:30 p.m./2030 GMT.



With no solution in sight to a fiscal drama that has begun to unsettle financial markets, the meetings signal the beginning of an attempt to avert a damaging debt default with just over a week left before a deadline cited by the Treasury Department.
Obama and House Speaker John Boehner traded accusations over the impasse on Tuesday. Obama on Tuesday warned of chaos and economic hardship if the nation is allowed to default and said there should be no conditions attached to preventing a such an outcome.

Boehner, for his part, accused the Democratic president of seeking "unconditional surrender" from Republicans in budget talks and said there had to be some concession from the White House.

Republicans wanted to curtail the 2010 health care reform law in exchange for approving government spending. They are asking for deficit reduction talks in exchange for raising the nation's $16.7 trillion debt limit.
(Reporting By Mark Felsenthal; Editing by Doina Chiacu)

End-of-day Market Overview