Stocks were mixed in Asian trade. The Nikkei lost 0.85%, Shanghai was down 0.7% and Australia was lower by a slight fraction, but the Hang Seng gained almost a half percent. European indexes are broadly higher this morning, with the Dax up one and a half percent and the Footsie better by almost 0.5%. US stock futures are higher by a half to three quarters of a percent.*The Reserve Bank of Australia says that their current, mildly restrictive policy remains appropriate, but the growth in aggregate demand is not yet picking up and they think they have more time to assess strength of inflation; according to the minutes of the July 5 policy meeting.
*The June reading of Japan’s Nationwide Department Store Sales is +0.3% on a year on year basis, a bounce from the 2.4% decline seen the month before.
*There is some talk of a pre-summit meeting on Wednesday, the day before the Euro area leaders are supposed to get together to work on the latest solution for Greece. Yield spreads for the peripherals and Italy are moderately tighter on the day.
*The July reading of Germany’s ZEW Survey of Investor Confidence was down six points from the month before to -15.1; about three points lower than forecast and now the lowest level since January 2009. However the ZEW for the Current Situation was up three points to 90.6 and this had been expected to fall a couple of points.
*Several name firms are set to announce their earnings reports today, among them are: Coca-Cola who beat by a penny with an Q2 eps of $1.17; Bank of America was four cents better than forecast with a Q2 eps of +33 cents; Johnson and Johnson was also four cents higher than estimated at $1.28; Goldman Sachs and Wells Fargo will be out soon and Apple will report after the close.
*The weekly report on chain store sales from ICSC showed an increase of 0.4% on a week on week basis for the week ended July 16. The Johnson Redbook report on the same thing is due out at 7:55am CDT.
*The June reading of Housing Starts is due out at 7:30am CDT. The annualized rate of Housing Starts is expected to be 575k units, or up 2.7% from the month before. The estimate for Building Permits is 595k units on an annualized basis, or down 2.3% from May.
*The Fed is scheduled to buy Treasuries today that are due to mature between 1/31/13 and 1/15/14; the results of the operation will be announced just after 10:00am CDT.
*Kansas City Fed boss Hoenig is scheduled to speak on monetary policy and agriculture at 6:30pm CDT.
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