THE DAY AHEADJanuary 26
*Stocks in Asian trade were generally higher on the session, although the Nikkei was an exception with a 0.6% loss. But Shanghai was up more than one percent, Australia added about a half percent and the Hang Seng was up a quarter percent. European indexes are broadly higher with both the Dax and Footsie currently up one and a quarter percent or more. US stock futures are higher by a quarter to a third percent as I write.
*The Bank of Japan reiterates that their economy will gradually overcome its current deceleration and return to a moderate recovery path, according to their Monthly Economic Report.
*The December reading of Germany’s Import Price Index rose 2.3% on a month on month basis, almost twice the monthly gain that was anticipated. The annualized rate is now +12.0%, up a couple percent from the month before.
*The Bank of England voted 6-2-1 to hold policy steady earlier this month, according to the minutes from their most recent policy meeting; as Weale joined Sentance by voting in favor of a 25 basis point rate hike. Although they saw significant downside risks to UK growth, there was also the risk that the CPI remains above the target in the medium term.
*In December in the UK there were 28,726 loans for house purchase, according to the British Bankers Association, under the estimate and down about a thousand from the month before.
*US mortgage applications were down 12.9% in the week ended January 21, according to the Mortgage Bankers Association, and are now at the lowest level in two years.
*Among the companies that are reporting earnings today is Boeing says Q4eps was +$1.11, matching the estimate, but revenues were light at $16.55 billion, the forecast was $17.04 billion.
*The December reading of New Home Sales is due out at 9:00am CST. Sales are expected to be up 3.5% on the month for an annualized rate of 300k units.
*The weekly report on energy inventories is due out at 9:30am CST. Stocks of Crude Oil are forecast to increase 1.2 million barrels, Gasoline inventories are expected to rise 2.3 million and the estimate for Distillates is -500k.
*The Fed is taking the day off from buying Treasuries today.
*The Treasury plans to sell $35 billion 5 Year Notes today; the results of the auction will be announced just after noon CST.
*The FOMC wraps up their two day meeting today and will release their post-meeting statement at about 1:15pm CST.
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