Chinese stocks fell in early trade, with Shanghai stocks dropping 0.7 percent and Hong Kong's Hang Seng down 1 percent. Market participants refrained from making bold moves ahead of a testimony by Fed Chair Janet Yellen before congress on Wednesday and the release of U.S.jobs data for October on Friday. The S&P 500 lost 10.05 points, or 0.5 percent, to 2,079.36, the Dow Jones industrial average dipped 92.26 points, or 0.5 percent, to 17,663.54 and the Nasdaq composite index slid 20.53 points, or 0.4 percent, to 5,053.75. Seoul closed up 0.28 percent despite a stronger won and a drop in South Korean exports. The resurgent concern over China underpinned demand for the yen, which strengthened 0.1 percent to 120.50 per dollar, adding to Friday's 0.4 percent climb. In a morning note, Morgan Stanley analysts said it appeared that Draghi had stiffened the bank's policy stance, saying that more stimulus in December is an open question. Should the European Central Bank become convinced their medium-term inflation target is at risk, "necessary actions" to preserve it will be taken, Draghi said in an interview with Italy's Illinois Sole 24 Ore published Saturday. SMN Weekly http://smnweekly.com/2015/11/02/dollar-struggles-after-weak-us-united-states-china-data.htmlBy far the biggest victor in the currency market was the Turkish lira, which soared 5.6 percent to 3-month high of 2.758 lira per dollar after the ruling AK Party swept to an unexpected election victory on Sunday. The People's Bank of China said at the end of last week that it's looking at loosening capital controls as part of its push to win reserve-currency status from the global Monetary Fund. The euro extended its Friday gains, rising 0.3 percent to $1.1038. Copper in London lost 0.4 percent to $5,093 a metric ton. Caixin's purchasing managers' index edged up to 48.3 in October, marking the eighth-straight month of contraction, while the country's official PMI came in at 49.8, missing market expectations of a 50.0 level. Final numbers for the private Caixin China factory PMI are due Monday, with economists surveyed by Bloomberg projecting a reading of 47.6. China stepped up monetary easing with its sixth interest-rate cut in a year last month amid a slowing economy. This year's growth target was about 7 percent. In Asian trade Monday, U.S. benchmark West Texas Intermediate for delivery in December was down 0.19 cents at $46.40 and Brent crude for December was trading three cents lower at $49.53 a barrel at around 0250 GMT. Investors also turned to profit-taking following October's global stocks surge, after markets recovered from their worst quarter in four years during July-September. Spot gold touched a 4-week low of $1,134.60 an ounce, hurt by lingering worries of a potential rate hike by the Fed. SMN Weekly http://smnweekly.com/2015/11/02/dollar-struggles-after-weak-us-united-states-china-data.html

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