- Summary of trade between 17:00 ET and 23:00 ET: Credit concerns continue to weigh on stock markets, leading to carry trade reversal. There were vague rumors of massive withdrawals from a fund run by Carlyle, with some traders saying the fund may need about $1B to stay afloat. Chinese stocks took a dive after economic data showed signs of an overheating economy, and some traders expect a PBoC interest rate hike as early as today.

- More signs of China's economy overheating: (CH OCT FIXED ASSETS INVESTMENT URBAN YTD YOY: 26.9% V 26.2% expected, 26.4% prior) Analysts said that the overcapacity issue is already a big problem, and this number is definitely making matters more severe. With today's data coming after the runaway inflation we saw in data released yesterday, most traders now expect the PBoC to hike interest rates as early as today.

- Forex: The JPY had an early slide in Asia, but then recovered as risk aversion continues to drive price action. USD/JPY tested levels below 110, while EUR/JPY dipped below 161. Selling on JPY crosses helped the USD, with EUR/USD unable to sustain trading above 1.4630. The AUD was weaker, holding just above this week's lows. Between 17:00 ET and 23:16 ET: GBP/USD -0.13%, USD/CHF -0.08%, NZD/USD +0.12%, EUR/JPY -0.21%, CHF/JPY -0.16%, NZD/AUD +0.22%, NZD/CAD +0.16%

- There were no surprises in the minutes of the Bank of Japan's October meeting. Most members said that the downside risks to the U.S. economy are heightening, adding that they have time to consider slowly hiking interest rates. The Bank of Japan members stuck to their mantra that upward pressure on Japanese prices will increase.

- Equities: At 23:04 ET Japan's Nikkei is -2.13%, Australia's ASX is -0.87%, South Korea's KOSPI is -2.69% and the Shanghai Composite Index is -1.77%. Financials continue to lead much of the downside on Asian stock markets. The firming JPY hurt exporters listed in Tokyo, while gold miners listed in Sydney were sold on valuation concerns. It was a roller coaster morning for shareholders of Fortescue Metals (FMG.AU), with shares climbing by more than 5.0% on a report that a Chinese company would take a stake in the company, only to drop by almost 4% after the report was denied. Despite broad losses on the ASX, shares of BHP are higher on speculation that Rio Tinto may launch a counter bid for the company. Chinese stocks are trading lower as investors position for a PBoC interest rate hike, expected as early as today.

- Commodities: Crude oil prices barely changed in Asia after today's data showing an unexpected rise in weekly crude and gasoline inventories. Spot gold traded higher at the start of the Asian session, only to wipe out all gains towards the end of the morning. Spot gold is quoted at $788.50/oz, while Nymex crude oil is quoted at $93.56/bbl. Shanghai copper is lower by its daily limit (4%) on concerns of monetary tightening in China.

(by Eben Esterhuizen and Gavin Pierce)