ASIA JGB's trimmed earlier gains as Tokyo shares recovered from an earlier drop, helped by a USD 1.8bln bid by a US buyout firm for nearly one-third of Japanese lender Shinsei Bank Ltd (RTRS) At 0625 JGB's were trading 136.98 (-0.05) and the Nikkei was up 1.12%. Japanese economics minister Ota said the stock market fall has not affected the economy and there are no plans to lend support (RTRS) Ota said he is very concerned about the housing market and that a drop in the housing market may affect capital spending. Chinese Premier Wen Jiabao said the country's housing market remains his "chief concern" and once more pledged to keep the booming property market under control (Xinhua News Agency) The FT today also covering Wen Jiabao comments from yesterday that expressed concerns at the decline in the US dollar, echoing the view of leaders across the world. GLOBAL FIXED INCOME SPREADS - US 2s/10s (0630) 89.35 bps (90.36 bps at 2100); US 10s/30s (0630) 39.22 bps (40.62 bps at 2100); EURO 2s/10s (0630) Unchanged (35.51 bps at 2100); EURO 10s/30s (0630) Unchanged (38.27 bps at 2100) US/GE 10s (0630): Unchanged (1.28 bps at 2100) UK/GE 10s (0630): Unchanged (56.17 bps at 2100) U.S. Dollar will weather the whines, jeers and jokes - John Berry (BBG)** Berry writes that the US dollar's importance is not fading in the face of exaggerated claims to the contrary. GEOPOLITICS/GLOBAL EVENTS China is ready for international talks on Iran in early Dec. (DJ) COMMODITIES Oil prices fell overnight succumbing to fresh concerns over the US economy that struck down other markets a day ago, although weakness in the US dollar and forecasts for a chilly December kept losses in check (RTRS) At 0625 crude was trading $94.54 down 10c. Indonesia wants OPEC to raise oil output, according to their energy minister (RTRS) Royal Dutch Shell said that its 130K b/d Montreal refinery is restarting and expects the plant to reach full output by midweek. (RTRS) Exxon said that repairs to FCC-linked compressor are completed at its Beaumont, Texas, refinery. (RTRS) Forecaster WSI Corp. predicted that the U.S. Northeast will face below-normal temperatures for Dec before temps rise to above normal in Jan and Feb. WSI forecasts mostly colder than normal winter from the US Pacific Northwest to the Great Lakes, warmer temps elsewhere, (RTRS) The above commentary is provided to subscribers of Ransquawk. To sign up for a free 1 week trial, e-mail us at info@ransquawk.com with your contact details.