*Stocks were generally lower in Asian trade. The Hang Seng was among the worst as it fell about two percent and Shanghai lost two thirds of a percent. But the Nikkei and Australia were essentially unchanged on the session. Europe is also a bit weak, with the Dax off about 0.7% and the Footsie currently down a quarter percent. US stock futures are a fraction lower.*The December reading of Australian Consumer Sentiment Index rose two tenths to 111.0, according to Westpac.
*The Q4 reading of Japan’s Tankan Large Manufacturers Index fell three points to 5, the first decline in this index since the first quarter 2009; but it was better than the forecast of 3.
*The December reading of Switzerland’s ZEW Survey of Economic Expectations improved by eighteen points to -12.5, according to Credit Suisse, but this is the fourth negative reading in a row.
*There has been some chatter this morning that Moody’s is preparing to downgrade Spain’s credit rating, but nothing has yet happened on the matter.
*The October reading of the UK Unemployment Rate unexpectedly rose two tenths to 7.9%, it had been forecast to be steady at 7.7%. In November the net change in the number of Jobless Claims was down 1.2k, only half the expected decline.
*US mortgage applications were down 2.3% in the week ended December 10, according to the Mortgage Bankers Association; the index for purchases was down 5.0% while the one for Refis was down only 0.7%.
*The November reading of the Consumer Price Index is due out at 7:30am CST. Headline CPI is expected to be +0.2% on a month on month basis and the Core CPI is forecast to rise 0.1% from the month before. On a year over year basis the expectations are +1.1% and +0.6% respectively. Also due out at 7:30am is the December reading of the Empire State Manufacturing Index, it is expected to be 5.00, up sharply from the surprise November result of -11.14. The Treasury will announce at 8:00am CST the October reading of the net change in foreign holdings of US long-term securities, there is no Bloomberg survey estimate, but the net change for all securities, including short term instruments is expected to increase $51.0 billion. The November readings of Industrial Production and Capacity Utilization are due to be released at 8:15am CST. Production is expected to be +0.3% on a monthly basis and the estimate for Capacity Use is 75.0%, up two tenths from the month before. The December reading of the NAHB Housing Market Index is due out at 9:00am CST, it is forecast to be 16, or unchanged on the month.
*Atlanta Fed boss Lockhart is scheduled to speak on the regional economy at 7:25am CST; since this comes just one day after an FOMC meeting it is not likely he says anything of interest to the markets.
*The weekly report on energy inventories is due out at 9:30am CST. Stocks of Crude Oil are forecast to fall 2.5 million barrels, but Gasoline inventories are expected to rise 2.0 million and the estimate for Distillates is an unchanged reading.
*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.
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