Dallas, TX 5/18/2011 (PennyPayDay) -- Stocks were generally higher in Asian trade. The Nikkei was up one percent, Shanghai added 0.7%, the Hang Seng rose a half percent and Australia gained a slight fraction. European indexes are mostly higher on the day, with the Footsie currently up 0.8% and the Dax better by a half percent or so. US stock futures are essentially unchanged as I write.*In May Australian Consumer Confidence fell 1.4 points from the month before to 103.9, according to Westpac; it is now at the lowest level since June 2010.
*The Q1 reading of Australia’s Wage Cost Index was down two tenths on the month to +0.8% on a quarter on quarter basis; it had been expected to rise one tenth.
*The March reading of Japan’s Tertiary Industry Index fell 6.0% on a month on month basis, a couple tenths more than forecast and the biggest one month fall since April 1997.
*The Bank of England voted 6 – 3 in favor of steady steady interest rate policy and 8 – 1 to keep their asset purchase plan unchanged, earlier this month, according to the minutes from their latest policy meeting. While the near term inflation outlook had worsened there was concern by the majority that a rate hike could affect consumer confidence and this mattered because the recovery in demand was disappointing.
*The March reading of the UK Unemployment Rate was unexpectedly down one tenth to 7.7%. The net change in April of the number jobless claimants in the UK was however higher than expected with a monthly gain of 12.4k.
*US mortgage applications increased 7.8% in the week ended May 13, according to the Mortgage Bankers Association. Applications for Refinancings were up 13.2% on the week, but those for Purchase fell 3.2%.
*The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to increase 1.7 million barrels, Gasoline inventories are expected rise 950k and the estimate for Distillates is +250k.
*The Fed is scheduled to buy Treasuries today that are due to mature between 8/15/28 and 5/15/41; the result of the operation will be announced just after 10:00am CDT.
*The minutes from the April FOMC meeting is due to be released at 1:00pm CDT.
*St. Louis Fed boss Bullard is scheduled to speak at 6:00pm CDT before the Money Marketeers in NYC.
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