*Stocks were mixed in Asian trade. Shanghai was up one and a half percent and the Nikkei gained 0.75%, but the Hang Seng lost a quarter percent and Australia was down a slight fraction. European indexes are generally higher on the session; currently the Dax is up by more than a half percent and the Footsie is higher by 0.3%. US stock futures are up a slight fraction.*S & P cut Japan’s credit rating to AA- from AA. The country had been a “negative watch” for the last year, and in that context the ratings cut was not a complete surprise.
*The December reading of Japan’s Trade Balance was a surplus of Y707 billion, well above the estimate for a relatively steady reading of Y524 billion. Exports were better than forecast with an annualized gain of 13%.
*German states have been releasing the January readings of their Consumer Price Index this morning, among the results are: Saxony -0.5% month on month and +1.9% year on year; Brandenburg -0.5% and +1.5%; Hesse -0.5% and +1.6% and Bavaria -0.3% and +2.0%. The national CPI reading for January is due out later this morning, it is expected to be -0.3% on a month on month basis and +2.2% annualized.
*The Confederation of British Industry reports that their January index for retail sales fell sharply from 56 down to 37, which was one point under the forecast, it was the first decline in three months.
*Caterpillar says their Q4 eps was +$1.47, almost twenty cents better than expected. ATT is also among the companies reporting earnings today, they beat estimates by a penny with an eps of +55 cents.
*There are three bits of data due to be released at 7:30am CST: the weekly report on Initial Jobless Claims is expected to be 405k; the December reading of Durable Goods Orders are forecast to be up 1.5% from the month before and up 0.9% ex-transportation orders; and the estimate for the December reading of the Chicago Fed National Activity Index is +0.11, up from -0.46 in November. The December reading of Pending Home Sales is due to be released at 9:00am CST, it is expected to be +1.0% month on month.
*The weekly report on inventories of Natural Gas is due out at 9:30am CST, it is expected to show a decline of 170 bcf.
*The Fed is scheduled to buy Treasuries today that are due to mature between 7/31/12 and 7/15/13; the results of the operation will be announced just after 10:00am CST.
*The Kansas City Manufacturing Index is due out at 10:00am CST, there is no estimate for the result.
*The Treasury plans to sell $29 billion 7 Year Notes today; the results of the auction will be announced just after noon CST.
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