Orlando, FL 11/18/11 (StreetBeat) --*Stocks were broadly lower in Asian trade today. Shanghai and Australia were both down 1.9%, the Hang Seng lost one and three quarters percent, while the Nikkei fell one and a quarter percent. European indexes are mixed but improving this morning, with the Dax up about 0.7% and the Footsie down just a slight fraction. US stock futures are up a bit less than one percent as I write.*The October reading of Japan’s Nationwide Department Store Sales were down 0.5% on an annualized basis, better than the 2.4% year on year drop seen in September.
*The October reading of German Producer Prices rose 0.2% on a month on month basis, one tenth more than expected.
*European debt spreads to Germany are generally tightening and the dollar/euro is up, trading near 1.3600. The catalyst appears to be an article from Dow Jones that says the idea of the ECB lending money to the IMF, who would then use the money to support the troubled euro zone members, is gaining traction. The report says that official talks on the matter could begin soon and that a consensus could be reached at a December 9 EU summit. Sources say that although the ECB leadership and Germany are still opposed to the idea, they may be willing to consider it.
*The October reading of the Leading Economic Indicators is due out at 9:00am CST, it is expected to be up 0.6% on the month.
*The Fed is scheduled to buy Treasuries today that are due to mature between 2/15/36 and 11/15/41; the results of the operation will be announced just after 10:00am CST.
*There are three Fed speakers on the calendar today, including: NY Fedster Dudley will talk about the economy again in upstate New York at 7:15am CST; Dallas Fed’s Fisher discusses the economy at 12:15m CST; and San Francisco Fed boss Williams is in Chile to talk about the role of financial markets in the crisis recovery at 12:50pm CST.
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