- Japan's Q2 final GDP data was unexpectedly revised lower (JAPAN Q2 FINAL GDP Q/Q: 0.6% V 0.9%E; ANNUALIZED: 2.3% V 3.7%E). Japan's consumption was revised lower to 0.7% q/q v 0.8% previously, while business spending was revised to -4.8% from -4.3%. Additionally, Japan's Q2 private inventory contribution was revised to -0.8 percentage points vs. -0.5 prior. The inventory decline was the largest in 10 years. Furthermore, Japan's Q2 public investment was revised lower to 7.5% from 8.1%.

- China's Aug trade balance rose to a higher than expected $15.7B [CHINA AUG TRADE BALANCE: $15.7B V $13.6BE ($10.6B PRIOR)], as exports and imports both declined more than expected. China's Aug industrial production rose by a higher than expected 12.3% [CHINA AUG INDUSTRIAL PRODUCTION Y/Y: 12.3% V 11.8%E (10.8% PRIOR)], while Aug fixed asset investment also exceeded analysts expectations [CHINA AUG FIXED ASSETS INVESTMENT URBAN YTD Y/Y: 33% V 32.7%E (32.9% PRIOR)]. In terms of domestic demand, China's Aug retail sales rose by a higher than expected 15.4% [CHINA AUG RETAIL SALES Y/Y: 15.4% V 15.3%E (15.2% PRIOR)]. On the inflation front, China's Aug CPI declined at a slower than expected rate [CHINA AUG CPI Y/Y: -1.2% V -1.3%E (-1.8% PRIOR)]. In other data, China' Aug new bank loans totaled CNY410.4B, which was a rise from the CNY356B in loans extended in July.

- The USD is weaker across the board, as China's better than expected industrial production and bank lending data lent support to commodities. Earlier during the session, EUR/USD moved to its highest level since Dec 18 (above 1.4615), while the dollar index hit lows not seen since late Sept 2008. The Japanese yen is broadly firmer, as USD/JPY is trading at 7-month lows.

- Asian equities are trading mixed. The Nikkei 225 is lower by more than 0.50% as the index has been weighed down by the downward revision to Q2 GDP and the stronger yen. The Shanghai Composite is higher by more than 1.5% in a broad based rally. Equities in Hong Kong, South Korea and Taiwan are also trading to the upside. Australia's S&P ASX 200 is gaining by more than 0.50%, led by telecoms and financials.

- Crude oil prices are higher and trading above $72/bbl, as the commodity moved to session highs on the Chinese production data. Spot Gold is currently above $1,000/oz on the weaker US dollar. In other commodity news, China reported that its Aug iron ore imports declined to 49.7M tons from the record 58.1M tons in July. However, on a year-over-year basis China's Aug iron ore imports rose by 33%. Additionally, China's Aug copper imports declined to 325K tons from 407K tons in July. The m/m declines in China's iron ore and copper imports come after it was reported in late June that China completed its metal stockpiling program.