*Stocks were generally lower in Asian trade. Shanghai lost one and a third percent and the Hang Send was down about 0.7%, but Australia gained a slight fraction and the Nikkei was closed. European indexes are broadly lower on the session, with the Dax currently down about one percent and the Footsie off by about a half percent or so. US stock futures are moderately lower.*The November reading of Australia’s Retail Sales hit the forecast with +0.3% on a month on month basis.
*The December reading of China’s Trade Balance showed a surplus of $13.1 billion, but this was more than seven billion below the expectation. Exports were up about 18% versus a year ago, only half the annualized gain seen in December 2009 and about five percent less than forecast; Imports were up almost twenty six percent from last year.
*The November reading of Switzerland’s Retail Sales was +2.5% on a year over year basis, well above the estimate of an increase of 0.9%.
*There were reports over the weekend that France and Germany would pressure Portugal to ask for a European bailout, causing the debt spreads to widen earlier today. But spreads have again narrowed after denials that this was the case and on the apparent persistent buying of Portugal’s debt by the ECB today.
*UK house prices fell 1.3% on a month on month basis in December, according to Halifax; the decline was three times the forecast.
*The Chicago Purchasing Managers Index annual revisions of its seasonal adjustment is due to be announced at 8:45am CST, I don’ think this will particularly matter, but there is no telling if the announcement itself will move the market for a minute or two.
*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.
*Alcoa kicks off earnings season today after the close.
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