Welcome to today’s Morning Coffee Break – On the first day of trading this week traders are waking up to lower futures in the U.S. stock indexes after last week’s rally sparked by the Federal Reserve’s aggressive new round of quantitative (QE3) easing last week Thursday.

U.S. markets are also once again coming under pressure from concerns about global growth and more concerning a squabble between China and Japan over a territorial dispute.

U.S. economic data on deck today at 8:39 a.m. ET is the New York Fed’s Empire State Manufacturing Survey for September.  Analysts are looking -2 on the survey for the month of September an improvement over the -5.9 survey results in August. Remember a ready below zero indicates the New York businesses are seeing conditions continuing to deteriorate.

Global Markets

European Union markets move lower today on renewed fears that the troubled Euro Zone countries resist Euro Zone austerity measures, taking to their dissatisfaction to the streets in Spain and Portugal.

As a result the entire European map is in the red this morning and if the U.S. markets remain soft today the European Markets will have little hope of late day rally.

Emerging Markets

Emerging market’s behemoth China found its equity markets falling by 2.14% in overnight trading on escalated concerns over anti-Japanese protests in mainland China. Adding to equity market concerns is the likelihood that China officials may not ease after such a large aggressive move from the Federal Reserve’s endless monetary stimulus.  Other than Thailand most other Asian markets in the region continue moved higher on the FMOC announcement.

Companies to Watch

Tesla Motors Inc. (TSLA, quote) jumped 7.6% in pre-market trading on a Morgan Stanley analysts upgraded to overweight.

Apple (AAPL, quote) is also worth watching as 2 it announces 2 million iPhone pre-order sales this morning.

Futures and Commodities Corner

Gold

Gold futures are basically flat on the morning electronic trading session this Monday, likely on profit taking on the huge $40 plus move on the FMOC announcement of QE3 of bond buying sending the U.S. dollar lower as traders looked for safety in the shiny metal.

December Gold futures are trading roughly at $1,771.30 -1.40/-0.08% a troy ounce on the New York Mercantile Exchange.

Equity only readers gain exposure to the gold through the SPDR Gold Shares Trust (GLD, quote) ETF that seeks to replicate the performance, net of expenses, of the price of gold bullion. The GLD trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets.

Crude Oil

WTI Crude Oil futures are pulling back after its big run on the news of QE3 last week as market participants’ pullback on risk appetite at the start of the week.  WTI crude oil future front contracts are trading around $98.77 -.25/-0.26% in early electronic trading after trading above $100 on the FMOC announcement of QE3.

Equity only readers can gain exposure to WTI Crude Oil through the United States Oil Fund (USO, quote) ETF that seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil. The USO will invest in futures contracts for WTI light, sweet crude oil, other types of crude oil, heating oil, gasoline, natural gas and other petroleum based-fuels that are traded on exchanges. It may also invest in other oil interests such as cash-settled options on oil futures contracts, forward contracts for oil, and OTC transactions that are based on the price of oil.

The Morning Coffee Break Bottom Line: 

Now that FMOC meeting has come and gone and we know what the stance of the U.S. Federal Reserve is moving forward, market participants will turning its focus back to the Euro Zone and China. Look for profit taking in the morning and watch how the U.S. market reacts once the Euro Zone markets are closed. The next question will be is how will the U.S. markets behave with continue global growth outlook remaining weak.