Stocks were mixed in Asian trade. Australia gained a half percent, but the Nikkei was down a quarter percent. The Hang Seng and Shanghai were both closed for the holiday. European indexes are generally lower on the day; the Footsie is currently down about 0.4% and the Dax is a slight fraction lower. US stock futures are also a slight fraction lower.*Cyclone Yasi is the first category 5 storm to hit Queensland, Australia since 1918. It is estimated that 178k homes and businesses are without electricity, and some areas might be without power for a month, officials say. No deaths have been reported as a result of the storm, but among the damages was the sugar cane, estimates are that half the area’s crop has been destroyed; Queensland is home to 15% of the country’s sugar cane production.
*The December reading of Australia’s Trade Balance was a surplus of A$1.98 billion, down a fraction on the month but above the estimates. For 2010 as a whole the trade surplus was a record A$16.6 billion.
*The January reading of China’s service sector Purchasing Managers Index was down one tenth on the month at 56.4.
*The final January reading of Germany’s service sector PMI was revised up three tenths to 60.3, the highest mark since June 2006. The Eurozone’s Composite PMI for January was revised up seven tenths to 57.0, the best level since last April.
*The ECB kept policy and rates steady at the meeting today. ECB boss Trichet will tell us all about it at his presser beginning at 7:30am CST.
*The January reading of the UK’s service sector PMI jumped almost five points on the month to 54.5, the highest mark since last May.
*The chain stores are releasing their January same store sales results this morning, some of the early reports include: Cato -4.0%, Stage Stores +5.1%, The Buckle +4.3% and Wet Seal +6.2%.
*The weekly report on Initial Jobless Claims is due out at 7:30am CST, it is expected to be 420k. Also due out at 7:30am is the Q4 reading of Non-farm Productivity, forecast to be +2.0%, and the Unit Labor Costs, which is expected to rise 0.2%. The January reading of the ISM Non-manufacturing Composite Index is due out at 9:00am CST, the estimate is for a steady reading on the month at 57.1. The December reading of Factory Orders is also set for a 9:00am release, it is forecast to be -0.5% on the month.
*The weekly report on inventories of Natural Gas is due out at 9:30am CST, it is expected to show a decline of 187 bcf.
*The Fed is scheduled to buy Treasuries today that are due to mature between 8/15/16 and 1/31/18; the results of the operation will be announced just after 10:00am CST.
*Fed boss Bernanke is scheduled to speak at the National Press Club at noon CST. No topic has been announced but there will be Q and A following the prepared remarks.
*Minneapolis Fedster Kocherlakota is set to speak at 7:00pm CST at the U of Minnesota. He is expected to deliver essentially the same speech he first gave in early January, with updated forecast and data.
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