watch out for those icbc numbers.ere in the states, it's the busiest day of the week when it comes to economic data. weekly jobless claims due out at 8:30 new york time. then at 10:00, the conference board will release its monthly index of leading economic indicators. they're expected to have risen by 0.7% in july. also at 10:00, the awe august philly fed survey of manufacturing conditions will be out and the mortgage banker's association releasing its quarterly report on delinquentsies. after the bell at 4:30 this afternoon, remember they watched closely, the government will release its foreign debt holdings by foreign central banks. and with all of the issuance that we've seen over the last few weeks, it will be interesting to see who has been buying. on the earnings front, it's all about shopping and food, two of my favorite subjects. sears holdings reports results before the opening bell as to ketchup king h.j. heinz and hormel foods, the maker of spam. after the close, we'll hear from arrow positive tail and the

tomorrow wealth the big one, icbc, the world's largest lender.he growing concern is that they had the record pace of lending in the first half but that their net interest margins were under a lot of pressure. that's a look at the market asian action. let me toss it over to bertha. >> thanks, chloe. we're taking our cue from asia this morning, as well. futures are pointing to a lower start. we don't have any data today to speak of the oil inventories. those are out at 10:30 a.m. the oil markets are likely to be down because of the strong dollar. taking a look at the ten-year note here, we've got the ten-year yield back below 3.5%. we're at 3.44%. a lot of the economists are probably headed out west with. the fed is headed to the kc fed conference. ben bernanke is going to talk about that and talk with them in jackson hill, wyoming, on friday. warren buffett, meantime, is worried about the u.s. economy. he says it's out of the emergency room and on the slow path to recovery. but writing in today's "new york times," buffett says the u.s. is going to

if you look just at icbc, they're putting more money into the economy than all the developed countries altogether. so i think that you will still see china, you will still see more loans being given in asia simply because asia has been able to put more money aside in the last few years and the private individuals in asia have more savings than they have in the u.s. however, as we all know, asia is export driven. so we still need the euro zone and the u.s. consumption to improve. >> but china has been a key drag on the equity markets this week. how would you interpret the move that we saw today? >> also we saw some of the markets, not asia, they were not really degreeing with it and some were agreeing. i think based on one day's action, it's hard to tell. i wouldn't be afraid of asia continuing giving more loans and that these loans will flow into the stock markets much more than we're seeing in the u.s. and/or euro zone. >> andrus, you are saying the recession is over behind us. but the only caveat is that markets have discounted this news. isn't that a dangerous sign that now only the

icbc, that is the world's largest lender, so that's something we're going to keep an eye on. the shanghai composite off 4.3%. as i send it back to you, it looks like you may be getting a cold front from asia. from where i am, the air-conditioning chills have nothing to do with the weather outside. carl, back to you. whatever it is, it's definitely on the wake. let's turn to the u.s. trading day ahead here. anthony chan and rob morgan, market strategist for claremont wealth strategies. guys, good morning to you both. >> good morning. >> it's been pointed out that china let u.s. equities higher and it appears now they're going to lead us lower. do you see the selling in china overnight and over the past couple of weeks here as irrational in any way or orderly? >> i think it's orderly, carl. the shanghai market had basically doubled and now, just since the beginning of all, they're down 20%. some people are saying it's a bear market. i think that's premature. we've been calling for a here and shanghai is precipitating that a little bit. but our view is that this is a -- i'd say