3 Things you need to know before Trading Today

Stocks in Asian trade were broadly higher. Australia rose almost two percent, the Nikkei was up 1.8%, the Hang Seng increased about 0.9% and Shanghai added 0.7%. European indexes are also up across the board, with the Footsie up about three quarters of a percent and the Dax a fraction better. US stock futures are higher by a quarter percent.

*The October reading of Australia’s Trade Balance was a surplus of A$2.63 billion; a larger surplus than expected said to be based in part on larger than expected gold exports.

*The October reading of Australia’s Retail Sales unexpectedly fell 1.1% on a monthly basis, it was the steepest decline since July 2009; a rise of 0.4% was the forecast.

*The ECB is due to announce their policy decision at 6:45am CST. Bank President Trichet will tell us all about the meeting and maybe any changes to the ECB stance on government bond purchases when he has is press conference at 7:30am CST.

*Chain stores are reporting their November same store sales results this morning. Some of the early figures include: Costco +9.0%, Wet Seal +7.0%, Cato +5.0%, and the Limited Brands +10.0%.

*The weekly report on Initial Jobless Claims is due out at 7:30am CST, it is expected to be 424k. The October reading of Pending Home Sales is due out at 9:00am CST, it is forecast to show a month on month decline of 1.0%.

*The weekly report on inventories of Natural Gas is due out at 9:30am CST, it is expected to show a decline of 29 bcf.

*The Treasury is expected to announce at 10:00am CST the details for next week’s auctions of 3 Year and 10 Year Notes and 30 Year Bonds.

*The Fed is scheduled to buy Treasuries today that are due to mature between 2/15/18 and 11/15/20; the results of the operation will be announced just after 10:00am CST.

*There are a few Fed speakers on the calendar today; Philly Fed’s Plosser will talk about the economic outlook at 11:20am CST, St. Louis Fed boss Bullard will make comments on the economy and monetary policy at 11:30am CST and Governor Duke discusses consumer credit at 1:00pm CST.