Yesterday US equity markets were under pressure throughout the session closing near the lows as Fed Chair Powell suggested that there is no need to hurry to cut rates leaving the door open to a skip at the December meeting. The comments followed some slightly hotter than expected inflation data over the last couple of days with the Chairman also suggesting that PCE will be elevated this month as well. Since the close there has been a ton of economic data released and the Trump cabinet continues to take shape. Global markets were mostly lower overnight. The economic data in China was mixed with retail sales coming in better than expected while industrial production missed. Local indices closed lower ending a tough week with the China Shanghai Composite and Hong Kong Hang Seng indexes down 3.5% and 6.5% for the week. Indices in Europe have outperformed this week, the China retail sales is helping the luxury stocks. US futures have been moving lower throughout the overnight session. S&P futures are down ~0.6% which trading just below where we closed last Wednesday. Russell 2k futures are around unchanged.