Gyroscopic Investing

More Asia news: Japan's Prime Minister Shinzo Abe has ordered Cabinet ministers to prepare an extra spending package (likely over �3T), including cash handouts for the poorest pensioners, to boost the country's stalling recovery. The measures reflect a new focus for Abenomics, which has been criticized for benefiting mostly big businesses instead of the average citizen. Japanese data for October was also released today. The jobless rate fell to a 20-year low of 3.1%, but household spending sank 2.4% and average incomes dropped 0.9%.

Separately, Japan's $1.1T Government Pension Investment Fund - the world’s largest pension fund - has posted its worst quarterly loss since 2008 after this summer's global stock rout wiped $64B off the asset manager's investments. The loss is GPIF's first since doubling its allocation to stocks and reducing debt last October, and highlights the risk of sharp short-term losses that come with the fund's more aggressive investment style.