Tomahawk, WI 10/17/2011 (PennyPayDay) – THE DAY AHEADOctober 17
*Stocks were generally higher in Asian trade. The Hang Seng was among the best with a two percent gain, Australia added one and two thirds percent, the Nikkei was up one and a half percent and Shanghai rose about 0.4%. European indexes are mixed this morning with the Dax currently off by about three quarters of a percent, but the Footsie a slight fraction higher on the day. US stock futures are down a slight fraction as I write.
*The final August reading of Japan’s Industrial Production was revised down two tenths to +0.6% on a month on month basis.
*G20 reiterated the scope of the European debt crisis and discussed some possible solutions after meeting in Paris over the weekend, but it would be wrong to say they came up with actionable decisions. German leadership today looks to be trying to curb any enthusiasm in front of the EU summit meeting set for October 23. German FinMin Schaeuble said the leaders won’t present a “definitive solution” for the crisis at next Sunday’s session. And a spokesman for Chancellor Merkel added this morning that “dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled.”
*The Bundesbank says in its Monthly Bulletin that the German economy grew strongly in the third quarter, but the outlook has “clouded further”.
*About one third of the SP 500 will announce their quarterly earnings results this week. Among the companies set to release this data today are Citigroup and Wells Fargo.
*The October reading of the Empire State Manufacturing Index is due out at 7:30am CDT; it is expected to be -4.00, up from -8.82 in September. The September readings of Industrial Production and Capacity Utilization are due out at 8:15am CDT. Production is forecast to be +0.2% on a monthly basis and the estimate for Capacity usage is 77.5%, up one tenth from the month before.
*The Fed is scheduled to sell TIPS today that are due to mature between 4/15/12 and 7/15/14; the results of the operation will be announced just after 10:00am CDT.
*There are a couple of Fed speaker on the calendar tonight, with Richmond boss Lacker set to speak at 6:30pm CDT and Chicago’s Evans slated to begin at 7:00pm CDT.
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