*Stocks were mixed in Asian trade. The Nikkei closed 0.8% lower and Australia was off a fraction, but Shanghai was up more than one percent and the Hang Seng added a half percent. The Kospi traded down two and a half percent on the open, but rose throughout the day to close down just 0.15% on the session. European indexes are generally higher on the day, with the Dax up about one and a quarter percent and the Footsie higher by about two thirds of a percent. US stock futures are up by about a quarter percent.
*The October reading of Japan’s Nationwide Department Store Sales were up 0.6% on a year over year basis, while that is not a big annualized sales gain it is the first positive result since February 2008.
*Ireland’s sovereign debt rating was lowered a notch by SP earlier today, and the rating agency warned that this downgrade could negatively impact Irish banks. Additionally PM Cowen said that a bailout package could total about EU85 billion.
*The November reading of Germany’s IFO index of the Business Climate rose about a point and a half to 109.3; well above the expectation for a steady reading and it is a record high for the series which began in 1991.
*The first revision of the UK Q3 GDP was steady at +0.8% on a quarter on quarter basis and +2.8% year on year.
*US mortgage applications were up 2.1% in the week ended November 19, according to the Mortgage Bankers Association; applications for purchase were up big while those for refinancing were down.
*The October reading of Durable Goods Orders is due out at 7:30am CST. Headline Orders are forecast to rise 0.1% on a month on month basis and the estimate for Orders ex-transportation is +0.6%. Also due out at 7:30am is the October reading of Personal Income and Spending. Income is expected to increase 0.4% on the month and the forecast for Spending is +0.5%. The PCE Core inflation measure is expected to be unchanged on a month on month basis and +1.0% year on year. The weekly report on Initial Jobless Claims is also set to be released at 7:30, it is expected to be 435k. The final November reading of consumer sentiment from the University of Michigan is due out at 8:55am CST, it is expected to be, 69.5 or two tenths higher than the preliminary result. Due out at 9:00am CST is the October reading of New Home Sales, it is forecast to be 312k units at an annualized rate or +1.6% up from the month before.
*All of the energy inventory reports will be released today; the petroleum based items will be released at 9:30am CST and the Natural Gas is moved up a day because of Thanksgiving, it will be released at 10:00am CST. Stocks of Crude Oil are forecast to decline 1.62 million barrels, Gasoline inventories are expected to fall 923k and the estimate for Distillates is -1.15 million. The Natural Gas inventory report is expected to show a decline of 5 bcf.
*The Treasury plans to sell $29 billion 7 Year Notes today; the results of the auction will be announced just after noon CST.
No comments:
Post a Comment