Stocks were generally higher in Asian trade; however Shanghai was an exception with a decline of about a third of a percent. But, the Nikkei was up 0.9%, the Hang Seng added a third of a percent and Australia was up a slight fraction. European indexes are broadly higher, with the Dax and Footsie both currently up about one and a third percent. US stock futures are up at least three quarters of a percent.*The January reading of Australia’s Trade Balance was a surplus of A$1.88 billion, down a bit on the month, but higher than forecast. Imports were down on the month, but Exports fell more.
*The February reading of China’s Non-Manufacturing Purchasing Managers Index fell sharply, down to 44.1 from 56.4 the month before. Although the pullback is blamed on “seasonal factors” this was the lowest result since February 2009.
*The January reading of German Retail Sales was much stronger than expected, a month on month gain of 1.4%, almost triple the estimate.
*The final February reading of Germany’s service sector PMI was revised down by nine tenths to 58.6; it was 60.3 in January.
*The January reading of Swiss Retail Sales were weak, down 2.6% on a year over year basis, well below the -0.8% annualized figure seen in December.
*The February reading of the UK’s service sector PMI missed the forecast, it was down two points on the month to 52.6, which was one point under the expectation.
*The ECB stands pat on rates. Trichet will tell us all about it at his presser, set to begin at 7:30am CST.
*Chain stores are releasing their February same store sales results this morning, some of the early reports include: Limited Brands +12%; the Bon Ton Stores -0.5%; Freds +0.9%; and the Wet Seal +7.0%.
*The weekly report on Initial Jobless Claims is due out at 7:30am CST, it is expected to be 395k. Also due to be released at 7:30am is the final Q4 reading of Non-farm Productivity, which is forecast to be down three tenths from the initial report at +2.3%; the estimate for Unit Labor Costs is -0.5%, up one tenth from the preliminary result. The February reading of the Non-manufacturing ISM Composite Index is due out at 9:00am CST, it is expected to be down one tenth from the month before at 59.3.
*The weekly report on inventories of Natural Gas is due out at 9:30am CST, it is expected to show a decline of 84 bcf.
*The Treasury is expected to announce at 10:00am CST the details for next week’s auctions of 3 Year and 10 Year Notes, and 30 Year Bonds.
*The Fed is scheduled to buy Treasuries today that are due to mature between 5/15/18 and 2/15/21; the results of the operation will be announced just after 10:00am CST.
*There are a couple of Fed speakers on the calendar today: Minneapolis Fedster Kocherlakota will talk about the labor market and monetary policy at 10:00am CST and Atlanta Fed boss Lockhart is set to talk about the economy at 11:15am CST.
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