*Stocks were broadly higher in Asian trade. The Hang Seng led the way with a four percent gain, Australia was up two and three quarters percent, Shanghai rose 2.3% and the Nikkei added 1.9%. European indexes are mixed, with the Footsie up a slight fraction and the Dax essentially unchanged at the moment. US stock futures are up a slight fraction.*There was some official noise in Japan about the possibility of intervening to weaken the Yen which on Friday moved to its strongest level versus the dollar in the post WWII period. FinMin Azumi reiterated his warning that Tokyo would take “decisive” steps in the foreign exchange market if necessary.
*In September Japan’s Exports rose 2.4% from a year earlier, more than forecast, but Imports were up more than twelve percent on a year on year basis, so their Trade Balance was a slight deficit.
*There are mixed messages, to say the least, coming out of the weekend EU meeting. There is said to be much work to do before the leaders reassemble on Wednesday; including the sizes of the haircut and the rescue facility.
*The October reading of Germany’s manufacturing sector Purchasing Managers Index was down 1.4 points to 48.9, but had been expected to fall only a fraction. However, the service sector PMI rose more than two points to 52.1, beating the estimate for only a fractional gain.
*The September reading of the Chicago Fed National Activity Index is due out at 7:30am CDT, it is expected to be -0.10.
*Caterpillar is one of the companies reporting earnings today; they beat the estimate by fourteen cents with a Q3 eps of $1.71.
*The Fed is scheduled to buy Treasuries today that are due to mature between 2/15/36 and 8/15/41; the results of the operation will be announced just after 10:00am CDT.
There are a couple of Fed speakers on the calendar today. NY Fed boss Dudley will talk about the economy at 7:45am CDT and Dallas Fed’s Fisher is set to speak at 8:00am CDT.
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