3 Things you need to know before Trading Today

Stocks were lower throughout Asia. The Nikkei fell more than 1.7%, the Hang Seng was down one and a half percent, Australia was off about 1.2% and Shanghai lost 0.8%. European indexes are also lower as well, with the Dax off by about one percent and the Footsie down about 0.4%. US stock futures are down a slight fraction.

*An earthquake of 8.9 magnitude hit Japan earlier today, it is the largest earthquake in at least the one hundred and forty years for which they have records. The quake was off the coast of Japan and it sent a massive tsunami into parts of the country and has all Pacific coast areas, as far away as the US west coast on alert. Dozens are said to have been killed, but details of the destruction are still coming in and the toll is rising. There is additional concern that a nuclear power plant in the vicinity of the quake is at risk.

*The February reading of several bits of Chinese data was released last night, all measured on a year over year basis, including: PPI +7.2%, two tenth more than forecast; Industrial Production +14.9%, almost two percent higher than expected; CPI +4.9%, one tenth above the estimate; and Retail Sales +11.6%, well below the expectation of +19.0%.

*The planned Day of Rage protest in Saudi Arabia has not yet delivered any massive protest. It was supposed to occur after Friday’s prayers, but clerics are said to have sermonized against taking to the streets and Saudi police is out in force to discourage that as well.

*Libya is ongoing.

*The final February reading of Germany’s Consumer Price Index was unrevised at +0.6% month on month and +2.2% year on year, for the EU harmonized.

*The February reading of Germany’s Wholesale Price Index was +1.4% month on month; no estimate available.

*The February reading of the UK Producer Price Index was +0.5% month on month, one tenth below the estimate.

*The February reading of Retail Sales is due out at 7:30am CST. Headline Sales are expected to be up 1.0% on a month on month basis and the estimate for Sales Ex-autos is +0.7% on the month. The preliminary March reading of consumer sentiment from the University of Michigan is due out at 8:55am CST, it is forecast to be 76.4, down about one point from the final February result. The January reading of Business Inventories, it is expected to be +0.8% on a monthly basis.

*New York Fed boss Dudley is scheduled to speak on the economy in the Queens, NYC at 7:30am CST.

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