3 Things you need to know before Trading Today

*Stocks were generally higher in Asian trade, although the Nikkei did not play along as it lost a quarter percent on the session. But the Hang Seng and Australia were both up 0.8% and Shanghai rose two thirds of a percent. European indexes are strong, with the Dax and Footsie both currently up by more than one percent. US stock futures are up almost one percent, pushed higher by the agreement on taxes.

*The Reserve Bank of Australia kept their key benchmark rate steady at 4.75%, as expected.

*The China Securities Journal reports that China’s central bank may raise rates this weekend, as their strategy shifts to what they call “prudent” monetary policy from something considered to be “moderately loose”. The newspaper said the timing was right for such a move, which would be the second rate hike of the cycle.

*The preliminary October reading of Japan’s Leading Economic Index fell 1.4 points to 97.2, very close to the forecast; but the lowest result since January and the fourth decline in a row.

*The October reading of Germany’s Factory Orders were up 1.6% on a monthly basis, just a few tenths under the expectation.

*The November reading of Switzerland’s Unemployment Rate is 3.6%; steady from the month before and matching the estimate.

*The October reading of the UK Industrial Production is -0.2%, falling short of the forecast for a gain of 0.3%.

*It appears that a deal has been struck on extending the Bush tax cuts for two more years for all taxpayers. Part of the deal includes the extension of the Federal jobless benefits programs for an additional thirteen weeks.

*The weekly report on chain store sales from ICSC showed a decline of 2.1% on a week on week basis for the week ended December 4; sales were up 2.6% for the week when compared to the corresponding week from a year ago, the smallest gain since the end of October. The Johnson Redbook report on the same thing is due out at 7:55am CST.

*The December reading of the IBD/TIPP Economic Optimism Index is due out at 9:00am CST, it is expected to be 47.2, up a half point on the month.

*The Fed is scheduled to buy Treasuries today that are due to mature between 12/31/14 and 5/31/16; the results of the operation will be announced just after 10:00am CST.

*The Treasury plans to sell $32 3 Year Notes today, the results of the auction will be announced just after noon CST.

*The October reading of Consumer Credit is due out at 2:00pm CST, it is expected to decline by $1.0 billion.

Distributed by IntelBuilder Social Media Platform