Chinese shares were sharply lower overnight, as corporate earnings fears were ignited by poor performance at one of the largest Chinese insurers. German and French shares were lower to start today, while equities in the UK managed gains in the wake of better than expected UK data and news that the BOE didn't discuss cutting interest rates in their last meeting. In looking ahead to the US action today, there will be a very active US report slate with the trade seeing Industrial Production/Capacity Utilization as well as CPI, an Empire State Manufacturing report and a NAHB housing index release. The trade generally expects to see some growth from the scheduled data, but other data today could partially offset those expectations.

The platinum market was weaker overnight but the market held together better than the rest of the metals complex. Platinum is still garnering some support from production lost in South Africa due to violence at a mining operation. Platinum prices might also be under some pressure because of sagging US easing prospects in the wake of data this week, that wasn't as soft as some expectations. In the near term, platinum could find it difficult to get out from under adverse currency market action, weaker equity market action and choppy to lower action in the gold market. However, platinum does appear to have some close-in support on the charts around the $1,392 level, with more significant support seen down at $1,385.90.