Via Bloomberg's Richard Breslow,

South Korea's GDP miss was a bad one. The Shanghai Composite fell 2.4%, bringing its week-to-date performance to negative 4.5%. Sweden's Riksbank surprised the market by how dovish it was. The euro made a new low for the year versus the dollar, with the upcoming set of European elections looming larger as the German manufacturing slump continues. Argentine credit default swaps have blown out. Emerging market equities and currencies are in a rough patch. The Japanese yen rose despite BOJ Governor Haruhiko Kuroda talking about downside risks to prices and the need to strengthen forward guidance.

An eventful night to be sure.

It raises the question of whether we are meant to be scared. And the answer is it is way too early to answer in the affirmative if you are talking about financial markets. Sanguine in the midst of all this news? You probably can afford to be if you are a trader. And prepared to do your job.

There isn't a lot of ameliorating things to say about the Korean number. The won and Kospi seem to have agreed with that sentiment and got hit accordingly. But we are still in wait-and-see mode for the details of the already planned new fiscal spending package. That matters because, while exports remain a challenge, the biggest negative from this report came from public sector investment. Which plummeted. Greater fiscal spending was one of the reasons the BOK came out as firmly on-hold at last week's monetary policy meeting.

Chinese stocks are having a bad week. They have also been having a stellar year. And as much as any index out there it is a traders', or speculators' if you prefer, market. After some tremendous downs then ups, the Shanghai Composite is almost perfectly flat over the course of the last year. And is it any wonder, with all the holidays coming up, that positions are being adjusted? You would have done much better trading these indexes using moving averages than trying to debate how friendly the PBOC or Robert Lighthizer is going to be.