Orlando, FL 12/1/11 (StreetBeat) --Stocks in Asia took their cue from the US and Europe and rallied strongly overnight. The Hang Seng led the way with a gain of 5.6%, Australia added 2.6%, Shanghai was up two and a quarter percent and the Nikkei rose almost two percent. European indexes are mixed this morning, with the Dax off by 0.4%, but the Footsie better by 0.5%. US stock futures are essentially unchanged as I write.*The October reading of Australian Retail Sales is +0.2% on a monthly basis, the increase was only half the estimate.
*The November reading of China’s manufacturing sector Purchasing Managers Index was weaker than expected, it fell 1.4 points to 49.0, but had been forecast to drop just a fraction of a point. This was the weakest result since February 2009.
*The final November reading of Germany’s manufacturing sector PMI was unrevised at 47.9, which is the lowest mark since July 2009.
*The Q3 reading of Switzerland’s GDP, at +0.2% on a quarterly basis, shows the slowest growth rate in more than two years, but it was one tenth better than forecast.
*The November reading of Switzerland’s manufacturing sector PMI was down two points from the month before to 44.8, worse than the fractional decline that was expected. It is the lowest result since June 2009.
*The November reading of the UK’s manufacturing sector PMI was down a couple of tenths from the month before to 47.6, but better than the estimate of 47.0. Nonetheless it is the weakest since June 2009.
*Spain came to the market today with debt offerings and while the rates were much higher than the previous sale for this maturity, they sold all they wanted to. France also had a debt sale today, a 10 Year and a 15 Year; the yields were down from the previous sales and the bid covers were up. Also of note is that the yield on the French 10 Year fell as much as 25 basis points in trading today, the biggest one day drop in about twenty years.
*French President Sarkozy is scheduled to give a speech later today on his vision for European integration.
*US chain stores are releasing their November same store sales results this morning, those already out include: Fred’s +1.5% versus the comparable month from last year; Talbots -4%; Bon Ton -4.9%; Limited Brands +7%; Cato Stores -5%; Wet Seal -3.1% and the Buckle +6.9%.
*The weekly report on Initial Jobless Claims is due out at 7:30am CST, it is expected to be 390k. The November reading of the ISM Manufacturing Index is due out at 9:00am CST; it is forecast to be up one point from the month before to 51.8 and the estimate for the Prices Paid component is 45.0, up four points from October. The October reading of Construction Spending is also due out at 9:00am, it is expected to be +0.3% on a month on month basis.
*There are a couple of Fed speakers on the calendar today, including: Atlanta Fed’s Lockhart at 8:00am CST and St. Louis Fed boss Bullard at 8:05am CST
*The auto makers are set to release their November sales results this morning; total vehicle sales are expected increase fractionally from the month before to 13.4 million units annualized.
*The weekly report on Natural Gas inventories is due out at 9:30am CST, it is expected to show an increase of 10 bcf.
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