- In economic data, Australia's Sept Westpac consumer confidence rose to 5.2% from 3.7% prior, which was the highest reading since July 2007. Additionally, Australia's July retail sales [AUSTRALIA JULY RETAIL SALES M/M: -1.0% V 0.5%E (prior revised to -0.8% from -1.4%)] and lending data (AUSTRALIA JULY HOME LOANS: -2.0% V -1.5%E) missed analysts estimates.

- The Japanese yen is firmer against most currencies, as equities have moved off of their best levels. The US dollar is off of its lows against the EUR and CHF, while GBP/USD is trading higher. The British pound has been supported on today's session by the better than expected Aug Nationwide consumer confidence data [AUG NATIONWIDE CONSUMER CONFIDENCE: 63 V 62E (prior revised to 61 from 60)] and comments from Moodys noting that further downgrades of AAA sovereign ratings were unlikely over the near-term. The commodity currencies are mostly lower, led by the data driven declines in the AUD/USD and AUD/JPY. Additionally, the commodity currencies are being weighed down by the declines in equities.

- Most Asian equities are in negative territory. The Nikkei 225 has lost more than 0.70%, led by declines in shares of exporters due to the rise in the Japanese yen. The Shanghai Composite ended the morning break down by more than 0.20%. Australia's S&P ASX 200 is declining by more than 0.10%, as the index reversed earlier gains following Australia's weaker than expected retail sales data. Taiwan's Taiex is in negative territory, led by declines in shares of technology companies. South Korea's Kospi is lower by more than 0.50% on losses in shares of automakers and technology shares.
The Hang Seng is declining by more than 0.50%, tracking Chinese equities.

- Crude oil prices have moved off of their highs, tracking the weakness in equities. Ahead of this week's OPEC meeting, a Saudi Arabian press report disclosed that OPEC would leave oil supplies unchanged at its Wed meeting, which is in line with prior market speculation. Spot Gold is higher on the session, but prices have eased below $1,000/oz. In gold market news, the world's largest gold producer Barrick Gold noted that it plans to eliminate its gold hedges on the positive outlook for gold prices. Barrick's gold hedges consisted of 3M ounces of fixed priced contracts and 6.5M ounces of floating contracts.
Barrick plans to purchase the gold in the open market or deliver physical gold in order to terminate its hedges.