Overview: Disappointing economic data again drove US equities lower, which in turn carried into Asia Pacific activity. Losses were recorded throughout the region, with the notable exception of Hong Kong. The Nikkei and Australia's ASX were off by 2%. After its largest losing session of the year (-2.7%) yesterday, Europe's Dow Jones Stoxx 600 continues to trade heavily. The composite PMI was revised lower (50.1 vs. 50.4 flash). Growth concerns weighed on the dollar yesterday through the interest rate channel.
The January 2020 fed funds futures imply about a 75% chance of a cut later