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Fundamental Data Points (Asia & Europe)

China 
Manufacturing PMI came out at 50.4, the previous reading was 51.2. Readings above 50 signal expansion and readings below 50 signal contraction. The Chinese government subsidizes the housing and lending industries; subsidies can lead to overproduction. We are seeing signs of this in China - the rise in home values. The Chinese government is aware of excess demand and is trying to restrain it - lending curbs. This should weigh on manufacturing. I expect China to continue to slow and the downward trend in Chinese manufacturing to continue.

Australia 
The Reserve Bank of Australia decreased the cash rate from 4.75% to 4.50%. I was wondering what the RBA would say about Europe and they said that they are seeing a slowdown in trade and that concerns about Europe aren't likely to subside anytime soon. Also of note, the RBA sees inflation remaining subdued over the next two years. That says that they see weakness in commodity prices and aggregate demand continuing through 2012 and into 2013.

United Kingdom
Manufacturing in the United Kingdom is contracting and the pace of growth increased to levels reported earlier this year. It'll be interesting to see how the sovereign debt crisis in the European Union impacts the UK economy.  
  
South Korea
Manufacturing conditions continue to worsen. 

Summary
Global economic conditions are deteriorating.