Themes

· General mood is “risk off”

· BoJ’s Tankan Report Stronger Manufacturing DI 14; Non-Manufacturing DI 9

· Chinese Caixin Manufacturing PMI slightly weaker than expected at 48.1

What’s Moving

Very tight ranges in Asia today, with most players sidelined ahead of the weekend and after a relatively quiet session overnight in New York.

The BoJ Tankan survey came in firmer than expected, but was largely shrugged off, while the Chinese Caixin Manufacturing PMI report was slightly weaker and also had little impact.

Just before Tokyo Lunch there was a little Dollar buying, while Gold also caught a small late morning bounce.

Data tonight includes:

· German Manufacturing PMI (E: 57.6)

· French Manufacturing PMI (E: 54.8)

· Swiss CPI (E: +0.5%)

· U.K. Manufacturing PMI (E: 55.5)

· Euro-zone Flash CPI (E: 6.7%)

· U.S. Non-Farm Payrolls (E: 492k)