Stocks were mixed in Asian trade. The Shanghai was particularly weak, down 1.9% in the wake of the China rate hike, however, the Hang Seng was closed; Australia fell about a half percent but the Nikkei was up three quarters of a percent. Europe is generally weak with the Dax off about 1.5%; UK markets are closed so that people can shop. US stock futures are down about 0.4%.*On Christmas Day China hiked interest on their key one-year lending and deposit rates by 0.25%; the move puts the rates at 5.81% and 2.75% respectively. More rate hikes are anticipated during the first half of next year.
*The December reading of the Dallas Fed Manufacturing Activity Index is due out at 9:30am CST, it is expected to improve fractionally to 17.0.
*The Treasury plans to sell $35 billion 2 Year Notes today; the results of the auction will be announced just after noon CST.
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