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 Good morning! Here's what you need to know. - Asian markets closed down. Japan's Nikkei fell -1.22%, Australia's S&P/ASX 200 finished -0.90%, and Korea's Kospi fell -0.13%. European markets were lower, with Germany the leading laggard at -0.95%. U.S. futures were pointing down nearly a full percentage point.
- Gold is seeing a mild rally, up 0.21%. Silver is up 0.10%. Oil is way down, with U.S.-traded crude off -1.14%.
- The Pentagon ordered most of its 400,000 furloughed civilian employees back to work this weekend, citing a law passed just before the shut down that ensured military members would be paid on time and which "left room for the Pentagon to keep on the job those civilians who provide support to the military."
- The Fed will release August's consumer credit data at 3 pm today. Consensus is for expansion of $12.9 billion versus $10.4 billion in July.
- Bank of America trimmed its U.S. GDP forecast to 1.7% in Q3 versus Q2's 2.5%, and 2.0% for Q.4 from a prior estimate of 2.5%. "Both we and the consensus have had a baseline forecast that the government shutdown will be too short to impact 4Q GDP growth... However, with the shutdown approaching its one-week anniversary and with both sides digging in their heels, that assumption is looking increasingly untenable. Our forecast is quickly becoming a 'best-case scenario'."
- The World Bank has cut growth forecasts for China and East Asia, citing the Middle Kingdom's ongoing shift away from exports and subsequently weaker commodity prices. The Bank now sees China growing at 7.5% in 2013 versus its April 8.3% estimate and a more recent 7.75% outlook. The country will see 7.7% growth in 2014, a 0.3-point reduction. East Asia GDP was lowered to 7.1% for 2013 and 7.2% for 2014, down from 7.8 percent and 7.6 percent, respectively, in April.
- Sentix's Eurozone's confidence reading was positive for the second month in a row, thought it missed expectations. The print came in at 6.1 versus 8.0 forecast. But it's the first time there have been two consecutive positive readings since 2011.
- Fitch says global credit growth is improving, with real lending growth expected to expand 4% this year, versus 2.5% in 2012, "as credit contraction in the developed world and emerging Europe ends while EM growth continues, albeit slowing."
- Hedge fund heavyweight John Paulson told the FT he is now all-in on Greece's banking sector, having taken substantial stakes in Piraeus and Alpha banks. "[Both] are now very well capitalised and poised to recover [with] good management." He added, "The Greek economy is improving, which should benefit the banking sector."
- UK data provider Markit announced it will release a private chat system that is expected to rival Bloomberg's. The FT says Thomson Reuters, Goldman Sachs, Deutsche Bank, Citigroup, Credit Suisse, Barclays, JPMorgan Chase, Morgan Stanley, Bank of America Merrill Lynch, and interdealer broker GFI Group are already on board.
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