Stocks, USDJPY Plunge After Dismal China Trade Data

Following an unexpected plunge in China"s trade balance (to 6 month lows), US equity futures and USDJPY are tumbling as Yuan turmoil ripples through markets once again.

Misses across the board in China trade data...

• China Yuan Exports -5.6% YoY (exp. +2.5%)


• China Yuan Imports +2.2% YoY (exp. +5.5%)


• China Trade Balance 278.35bn (exp. 364.5bn)


• China USD Exports -10.0% (exp. -3.3%)


• China USD Imports -1.9% (exp. +0.6%)


• China USD Trade balance 41.99bn (exp. 53.00bn)

*CHINA TRADE STILL FACES GREAT UNCERTAINTIES: CUSTOMS" HUANG

Sparked chaotic trading in Yuan as offshore selling pressure accelerated post Golden Week...

And spread to USDJPY and implicity US equity futures...

USDJPY dropped a whole big figure erasing the gains of the day...