*Stocks in Asian trade were generally lower on the session, but Shanghai was an exception with a gain of a quarter percent. But the Nikkei lost 0.8%, the Hang Seng fell about a third of a percent and Australia was down almost a quarter percent. European indexes are mixed, but both the Footsie and Dax are currently lower on the day with losses of a half percent and a quarter percent respectively. US stock futures are higher by about a third of a percent.*Libyan turmoil is ongoing. While Qaddafi holds on to power in Tripoli there are reports that the eastern part of the country is in control of the protestors and there have been many high level military and governmental defections in favor of the uprising. Additional reports say that the oil industry continues to operate at full capacity; that deals have been struck with some tribes to allow this to happen in order to keep constant the supply electricity and heat to the nation.
*The Q4 reading of Australia’s Wage Cost Index was +1.0%, one tenth higher than expected.
*The January reading of Japan’s Merchandise Trade Balance showed a deficit for the first time in 22 months, approximately Y471 billion or $5.7 billion. While Exports were up 2.3% from a year ago, Imports gained 11.2%.
*The January reading of Switzerland’s Producer and Import Prices was +0.1% on the month and 0.0% year on year, matching the forecast in both cases.
*In January there were 28,932 loans for house purchases, according to the British Bankers Association, up slightly from the month before, but below the estimate.
*The Bank of England policy committee was a fractious group earlier this month, according to the minutes from their latest meeting. Six members voted to maintain the Bank Rate at 0.50% and keep their asset purchase target at BP200 billion. But three members, Sentence, Weale and Dale wanted to hike rates; Sentence up to 1.0% and the others up to 0.75%. And Posen wanted to keep rates steady but up the asset program by BP50 billion.
*US mortgage applications were up 13.2% in the week ended February 18, according to the Mortgage Bankers Association. Refis were strong with an increase of 17.8% on the week and applications for purchase were up 5.1%.
*The weekly report on chain store sales from ICSC showed sales to be up 2.6% on a week on week basis for the week ended February 19. The Johnson Redbook report on the same thing is due out at 7:55am CST.
*The January reading of Existing Home Sales is due out at 9:00am CST, it is expected to fall 1.1% from the month before to an annualized rate of 5.22 million units.
*The FDIC will report on Q4 bank earnings at 9:00am CST.
*The report on energy inventories will be released tomorrow because of the holiday.
*The Fed is scheduled to buy Treasuries today that are due to mature between 8/15/28 and 2/15/41; the results of the operation will be announced just after 10:00am CST.
*There are a couple of Fed speakers on the calendar today: KC Fed boss Hoenig will talk about the economy at 11:30am CST and Philly Fedster Plosser give his economic outlook at 12:30pm CST.
*The Treasury plans to sell $35 billion 5 Year Notes today, the results of the auction will be announced just after noon CST.
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