Morning Meeting: World Bank cold shower.

Good Morning and Happy Columbus Day.

Let's kick start the week with comments from the World Bank in its latest East Asia and Pacific Data Monitor, which was released in Singapore:

China's slowdown this year has been significant, and some fear it could still accelerate.

The World Bank expects China's GDP growth for 2012 as a whole to come in at 7.7 percent, which would be its lowest in more than a decade. The growth figure for the third quarter is due to release at the end of the next week, which analysts expecte to be the weakest three months of the year.

Comments weighted on Asian markets where the Shanghai Composite Index fell 0.75% to 2,070.52 in choppy trading as the mainland stock markets reopened after the Golden Week holidays. South Korea's Kospi dropped 0.77% to 1,980.00,while Australia's S&P/ASX 200 Index lost 0.3 percent. Singapore's Straits Times Index fell 0.6 percent. Hong Kong's Hang Seng index fell 0.63% to 20,879.40.

Homebuilders were among the worst performers as Monetary Authority of Singapore capped the maximum tenure for new residential loans at 35 years in a bid to curb a housing bubble that has seen property prices in the city rise to a record.

Housing bubbles, rising commodity prices are just few example of the money rain's side effects languishing the world economy.

On the currency side, the ICE dollar index reached 79.477 today from 79.350 in late North American trading on Friday. The euro slipped to 1.2977$ or 0.3814% versus the greenback from 1.3031$ in late North American trading at the end of last week. Against the Japanese yen the dollar reached ¥78.55, from ¥78.64 in late trading on Friday.The British pound reached $1.6111 from $1.6141 while the Australian dollar traded at $1.0162 from $1.0176.

World Bank comments weighted on Oil, the WTI fell 1.07% to 88.92$ a barrel, and rising dollar sent the precious metal down 0.58% to 1,770.40$ an ounce.

Today European finance ministers will meet in Luxemburg, while German Chancellor Angela Merkel visits Greece tomorrow for the first time since the sovereign-debt crisis erupted. The news tape will be closely watched, the meeting has all the assumptions to setup the basis for countries like Spain and Italy for future bailout terms.

Therefore, workout your game plan and remember: we do not react to the news, we plan ahead our move.

Originally posted at www.77sigmatrading.com