European markets follow Asian risk aversion (Barcelona) - The German DAX 30 and the French CAC 40 are down by -0.20% and -0.28, respectively, while the Spanish IBEX 35 and the Italian FTSE MIB fall by -0.50% and the British FTSE 100 eases by -0.27%. The Scandinavian indexes are also lower like every other index in Europe. Risk aversion is palpable on Wednesday after an Asian session in red as well.

Industrial production in France, Italy and Greece surprised the market by improving in August, by +1.5% (MoM) in France, by +1.7% (MoM) and from -7.2% to -5.2% (YoY) in Italy, and from -4% to +2% (YoY) in Greece. The Portuguese Global Trade deficit widened in June, from €-1.997B to €-2.183B. The German Wholesale Price index has been released, rising more than expected in September, by +1.3% (MoM) and +4.2% (YoY). Germany will sell 30-year bonds today.

The market is becoming increasingly disenchanted with the half-life of European rescue efforts and the IMF downgraded their global glowth forecast yesterday to 3.6% for 2013 (from 3.9%), after the World Bank forecast update of China GDP to 7.7% in 2012 (from 8.2%) and to 8.1% in 2013 (from 8.6%).

Futures for the S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a lower NY opening between -0.08% and -0.17% ahead of the Fed's Beige Book in the US. WTI crude oil is down by -0.56%, at $91.90, and Gold falls to $1762 (-0.18%).

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