Tomahawk, WI 9/14/2011 (PennyPayDay) – THE DAY AHEADSeptember 14
*Stocks were mixed in Asian trade. Australia was down 1.6% and the Nikkei fell 1.1% but Shanghai rose a half percent and the Hang Seng was up a fraction. European indexes are generally strong, with the Dax currently up more than two and a half percent and the Footsie better by about 1.7%. US stock futures are up about three quarters of a percent as I write.
*The September reading of Australian Consumer Confidence was up seven points to 96.9, according to Westpac; the first gain for this index since April.
*Chinese Premier Wen Jiabao expressed concern about the European debt situation, but said they would be able to overcome their difficulties. Additionally, a Chinese central bank adviser said, in reference to rumors of China buying European sovereign debt, that he does not think China can save any country.
*The Italian budget austerity package is set for a parliamentary vote today; it is expected to pass, but the debate is ongoing.
*Moody’s cut the credit ratings for Credit Agricole and Societe Generale this morning; they are the second and third largest banks in France.
*A conference call between Greece PM Papandreou, German Chancellor Merkel and French President Sarkozy is said to be set for 11:00am CDT.
*The August reading of Switzerland’s Producer and Import Prices was -1.2% on a month on month basis; three times the expected decline.
*The July reading of the UK Unemployment Rate was steady on the month at 7.9%, as was forecast. In August the net change in the number of Jobless Claims was +20.5k, well below the expectation for +35.0k.
*US mortgage applications were up 6.3% in the week ended September 9, according to the Mortgage Bankers Association; both key components, Refi and Purchase, were up on the week.
*The August reading of Retail Sales is due out at 7:30am CDT. Headline Sales are forecast to increase 0.2% on a monthly basis and Sales Ex-autos are also expected to be +0.2% on a month on month basis. Also due out at 7:30am is the August reading of the Producer Price Index. The headline PPI is expected to be unchanged on the month, but the estimate for the Core PPI is +0.2% month on month. The July reading of Business Inventories is due out at 9:00am CDT, it is forecast to be +0.5% on the month.
*The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to decline 3.0 million barrels, Gasoline inventories are expected to fall 500k and the estimate for Distillates is +500k.
*The Treasury plans to sell $13 billion re-opened 30 Year Bonds today; the results of the auction will be announced just after noon CDT.
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