- Summary of trade between 17:00 ET and 23:00 ET: Asian stock markets traded mixed, with few investors willing to bet that the global correction in stocks has run its course. Traders dumped the JPY after the currency's recent run, and buying on the JPY crosses took the spark out of the USD's technical rebound. Currencies that saw heavy losses over the last 24 hours (AUD, NZD and CAD) all rebounded in Asia. Japan's Q3 GDP data added weight to the consensus that a December rate hike from the Bank of Japan seems unlikely, while Chinese inflation data increased the possibility of an imminent rise in interest rates.

- Q3 GDP data shows a sharp drop in Japanese housing investment: (JP Q3 PRELIMINARY GDP QOQ: 0.6% V 0.5% expected, prior revised to -0.4% from -0.3%; ANNUALIZED: 2.6% V 1.8% expected, prior revised to -1.6% from -1.2%) The analyst community seems fixated on the sharp drop in Japanese housing investment. It was the biggest decline in Japanese housing investment in a decade during Q3, threatening Japan's growth that is already at risk from the credit crisis.

- Chinese inflation accelerates more than expected in October: (CH OCTOBER CPI 6.5% V 6.3% expected, 6.2% prior) Analysts said that the uptick in headline CPI is still largely driven by higher food prices, but the data this increases the possibility of an imminent rise in interest rates. Given the elevated headline CPI reading, together with the hike in oil product prices effective in November, as well as an expected fuel consumption tax, there is a real possibility that Chinese CPI may stay above 5.0% in 12-month terms.

- The Bank of Japan (BoJ) left rates unchanged in a 8-1 vote, with Mizuno once again voting for a rate hike. The BoJ board's vote has now been split for six consecutive meetings.

- Equities: At 23:00 ET Japan's Nikkei is -1.25%, Australia's ASX +0.49%, South Korea's KOSPI is lower by more than -0.90%, and the Shanghai Composite Index is +1.88%. Traders reported some bargain hunting among Asian financials, but resource stocks dragged benchmark indices lower. A better than expected headline to Q3 GDP failed to inspire investors in Tokyo, with commodity-related shares leading much of the Nikkei's downside. Despite a broad rally in Australian banks, shares of Macquarie are off by more than -3.0% after the firm issued cautious guidance for the second half of its fiscal year.

- Commodities: The crude market looks like it's setting itself to turn over. "The options, and the realization we can't hit $100 before expiration, weighed on prices, as did U.S. and global economic worries and a strong day for the dollar," said Eric Wittenauer of A.G. Edwards. Crude oil prices lost -0.29% between 18:00 ET and 23:11 ET, last quoted at $94.35/bbl. Spot gold rebounded from heavy selling during the early Asian morning, trading lower by -0.45% at 23:14 ET, last quoted at $804.40/oz. Shanghai Copper is lower due to a sharp increase in inventories at the LME.

(by Eben Esterhuizen and Gavin Pierce)