- Summary of trade between 17:00 ET and 23:00 ET: Asian stock markets tracked the Wall Street bounce. The JPY, a currency that tends to take a knock when risk appetite recovers, didn't weaken significantly in Asian trade. Nymex crude recovered some of its losses, S&P futures remained little changed and U.S. yields moved higher.

- China Investment Corp, the nation's $200 billion sovereign wealth fund, said it aims to stabilize global financial markets by investing in financial institutions hit by subprime problems. The Chairman of the fund, Lou Jiwei, cited a "recent example" where a sovereign wealth fund invested in a financial institution.

- Japanese Industrial Production better than expected in October: (JP OCT PRELIMINARY INDUSTRIAL PRODUCTION MOM: 1.6% V 1.5% expected, -1.4% prior; YOY: 4.7% V 4.2% expected, 0.8% prior) Analysts said that the data shows Japan's economy continues to improve steadily as a trend, but they remain cautious about the outlook for exports and output as the U.S. economy slows. The data does not change the outlook for the Bank of Japan, as the central bank is expected to keep rates on hold until subprime problems settle.

- Aussie investment boom slows down in Q3, but expected to pick up again: (AU Q3 PRIVATE CAPITAL EXPENDITURE: -6.5% V 2.0% expected, prior revised to 7.1% from 6.3%; Largest drop since June 1999 quarter) Analysts said that the headline numbers look weak but the underlying story is much, much stronger. "Expectations for future spending were extremely upbeat and that's going to keep driving the economy," said Brian Redican at Macquarie. Aussie firms said they plan to spend A$83.83B in the year to end June 2008, 20% more than they had planned at this stage for 2006/07.

- Equities: At 22:58 ET Japan's Nikkei is +2.51%, Australia's ASX is +1.51%, South Korea's KOSPI is +2.50% and the Shanghai Composite Index is +1.88%. Asian financials rebounded sharply on hopes that the Fed will cut rates at its December meeting, while resource stocks traded higher on the rebound in metals. Chipmakers traded higher in South Korea.

- Commodities: Nymex crude oil gained +1.30% between 18:00 ET and 23:02 ET, last quoted at $91.80/bbl, on bargain hunting after today's heavy selling. After the close of the U.S. session Canada's Enbrige reported an explosion at its 3 mile Minnesota pipeline - the extent of the damage is unknown. Spot gold gained +0.51%, tracking bearish USD sentiment and the Asian rebound in crude prices. Shanghai copper is higher on renewed risk appetite

(by Eben Esterhuizen and Gavin Pierce)