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Monday Morning Notes: Global Markets Trading Lower While Spooz are Flat

 HedgeFundLIVE.com – Morning Notes

- Some key news items to kick off the week, and global markets are trading mostly lower
- In China over the weekend, trade balance showed both imports and exports were higher than expected
- Chinese markets initially rallied on data release, but retraced that move later on
- In Japan, Machine Orders came out worse than expected, even though this data is a snapshot before the first earthquake hit
- Another earthquake of 6.6 magnitude hit Tokyo and a tsunami warning was issued (after Asian markets closed)
- Initial reports in Japan are indicating that the latest hit had minor effects
- Oil has pulled back a bit in overnight
- Gold is trading lower
- Note that earnings season “officially” kicks off tonight after the bell with Alcoa (NYSE:AA)
- Rewinding back to Friday night, U.S. reached a budget deal that cuts spending by $78.5B from President’s FY11 budget request; to cut $13B from funding for programs at Dept. of Labor, Education, and Heallth and Human Services, >$1B from non defense agencies and $8B from State and Foreign Ops; cuts in housing assistance programs and certain health care programs
- Nothing on economic calendar for today