 A long list of economic data are released today. But the main focus is on Italy. The coalition government's decision to target budget deficit at 2.4% of GDP for the next three years drew heavy criticism from EU. Also, financial market reactions are overwhelmingly negative. European stocks decoupled from risk appetite in Asian and trade deeply in red. Italian yield surged to the level at the beginning of the month while German 10 year bund is back deep below 0.5. Euro suffered broad based selling and is trading as the weakest one for the day. Sterling follows as the second weakest and New Zealand Dollar as the third weakest. Canadian Dollar is boosted by stronger than expected GDP data and is now the strongest one for the day. It's followed by Australian Dollar and than Swiss Franc. Meanwhile, Dollar is mixed as post FOMC rally lost momentum while PCE provided no inspirations. In other markets, at the time of writing, DAX leads European decline and is down -1.79%, CAC down -1.19%. FTSE is down -0.55%. Italian 10 year yield is trading up 0.364 at 3.256. German 10 year bund yield is down -0.700 at 0.462, well below 0.5 handle now. Risk appetite was strong in Asia though. Nikkei reached as high as 24286 and breached 24129.34 resistance. But it closed at 24120.04, up 1.36%. Hong Kong HSI was up 0.26%, China Shanghai SSE up 1.06% and Singapore Strait Times was up 0.64%. | 
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