Orlando, FL 11/14/11 (StreetBeat) --*Stocks were generally lower on the day in Asian trade. The Hang Seng fell 0.8%, the Nikkei lost 0.7% and Australia was down 0.4%, but Shanghai managed a slight gain. European indexes are weak this morning, with the Dax currently off by 1.9% and the Footsie down more than one percent. US stock futures are about one percent lower as I write.*Earlier this month the Reserve Bank of Australia saw economic growth as close to trend for the next couple of years and inflation consistent with their target, according to the minutes from their latest policy meeting.
*The November reading of the Euro Zone ZEW Survey of Economic Sentiment fell eight points from the month before to -59.1, which was about four points beneath the estimate.
*The Q3 reading of German GDP is +0.5% on a quarterly basis, matching the forecast.
*The November reading of Germany’s ZEW Survey of Economic Sentiment fell seven points to -55.2; that is a few points weaker than the expectation and the lowest mark since October 2008.
*The October reading of the UK’s Consumer Price Index was +0.1% on a month on month basis and +5.0% year on year, both results were one tenth less than expected.
*European debt spreads are generally wider this morning, reacting to poor auction results, concern over France’s budgetary and fiscal path and that after a couple of days the technocrats in Athens and Rome have yet to solve the problems in those countries. The Italian 10 Year yield is back near 7%, or about 520 basis points more than in Germany, the spread between France and Germany is out another twenty-four basis points on the day to a new euro era record of 187 basis points. Similar stories in Spain and Belgium.
*The weekly report on chain store sales from ICSC showed an increase of 0.3% on a week on week basis for the week ended November 12, with sales +3.1% for the week when compared with the corresponding week from last year. The Johnson Redbook report on the same thing is due out at 7:55am CST.
*There are three bits of data due to be released at 7:30am CST, including: the October reading of the Producer Price Index, the headline PPI is expected to be -0.1% on a month on month basis and the estimate for the Core PPI is +0.1% from the month before; the October reading of Retail Sales is forecast to be +0.3% on the month and the estimate for Sales Ex-autos is +0.2%; and the November reading of the Empire State Manufacturing Index, which is expected to be -2.00, up from -8.48 in October. The September reading of Business Inventories is due out at 9:00am CST, it is expected to be +0.1% on the month.
*There are four Fed speakers on the calendar today, including: Chicago Fed Evans is set to talk about the Fed’s dual mandate at 7:00am CST and is scheduled for an interview on CNBC at about 10:00am CST; St. Louis Fed boss Bullard will discuss the economy at 7:30am CST; San Francisco Fedster Williams talks economy at 9:05am CST; and Dallas Fed boss Fisher will talk about “too big to fail” in New York at 11:30am CST.
*The Fed is scheduled to buy Treasuries today that are due to mature between 10/30/17 and 11/15/19; the results of the operation will be announced just after 10:00am CST.
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