Oxford, MS 5/23/2011 (PennyPayDay) -- Stocks were weak throughout Asia. Shanghai was down almost three percent, the Hang Seng lost more than two percent, Australia fell about 1.9% and the Nikkei dipped by 1.5%. European indexes are under pressure this morning as well. The Dax is currently off by about 1.7% and the Footsie is down one and a half percent. US stock futures are down by almost one percent as I write.*The final reading March of Japan’s Leading Economic Index was revised up six tenths to 100.1, which is still down sharply from the previous month.
*Spain voted strongly against the ruling party in local elections there over the weekend, throwing into doubt the ability of Zapatero’s government enforce the budget austerity.
*Ten Year spreads against Germany are at record wides today for Greece, 1401 basis points and Ireland, 765 bps. More talks, more meetings, more confusion, is planned.
*The May reading of the Eurozone’s manufacturing sector Purchasing Managers Index is 54.8. down from 58.0 in April and below the estimate for 57.5. The service sector PMI was down one point to 55.4, but was expected to decline by only two tenths.
*The May reading of Germany’s manufacturing sector PMI was down almost four points on the month to 58.2; the forecast was for a decline of just one point. The service sector PMI fell about two points to 54.9, it was expected to increase a couple of tenths.
*The Chicago Fed National Activity Index is due out at 7:30am CDT, it is expected to fall slightly to 0.20.
*The Fed is scheduled to buy Treasuries today that are due to mature between 8/15/18 and 5/15/21; the results of the operation will be announced just after 10:00am CDT.
*St. Louis Fed’s Bullard is set to speak on the economy at 7:10pm CDT.
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