THE DAY AHEADJanuary 25
*Stocks were mixed in Asian trade. The Nikkei was among the best with a 1.1% gain, and Australia was up almost a half percent, but Shanghai was down two thirds of a percent and the Hang Seng lost a slight fraction. Mixed results so far in Europe as well; the Dax is currently up a third of a percent, while the Footsie is off by that much. US stock futures a down a fraction as I write.
*The Q4 reading of Australia’s Consumer Price Index was three tenths less than expected for both the month on month result, +0.4% and annualized at +2.7%.
*The Bank of Japan kept policy steady across the board; the key overnight rate was unchanged at 0.10 and the totals for the asset purchase and credit loan programs were also unchanged. BoJ boss Shirakawa says the economy will soon emerge from its slump and that it is heading in a desirable direction.
*The Q4 reading of the UK GDP was a complete surprise, it was down 0.5% on a quarter on quarter basis, well below the forecast for +0.5%. On a year over year basis growth was +1.7%, also missing the estimate, which was +2.6%. In part, they blame the coldest December in a century that cut into retail, services and construction.
*Dow component 3M reports Q4eps of +$1.28, beating the estimate by a penny; revenues were $6.7 billion which was just above the $6.6 billion estimate. Another member of the Dow, Johnson and Johnson reports Q4 eps of +$1.03; they say sales were $15.64 billion, under the estimate for $16.01 billion.
*The weekly report on chain store sales from ICSC showed a decline of 1.2% on a week on week basis for the week ended January 22; this is the third weekly decline in a row, but sales for the week were +2.8% when compared with the same week from a year ago. The Johnson Redbook report on the same thing is due out at 7:55am CST.
*The November reading of the Case/Shiller Home Price Index is due out at 8:00am CST. It is expected that prices are down 1.60% on a year over year basis and lower by 0.8% month on month. The January reading of Consumer Confidence is due out at 9:00am CST, it is forecast to rise to 54.0 from a December result of 52.5. Also set for release at 9:00am is the FHFA House Price Index, it is expected to be unchanged from the month before.
*The Richmond Fed Manufacturing Index is due out at 9:00am CST, it is forecast to fall two points on the month to 23.
*The Fed is scheduled to buy Treasuries today that are due to mature between 1/31/15 and 6/30/16; the results of the operation will be announced just after 10:00am CST.
*The FOMC begins their two-day policy meeting today, but no word from them until tomorrow afternoon.
*The Treasury plans to sell $35 billion 2 Year Notes today; the results of the auction will be announced just after noon CST.
*President Obama will present the State of the Union Address at 8:00pm CST.
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