3 Things To Know Before Trading

Tallahassee, FL 12/7/11 (StreetBeat) --Stocks were generally higher in Asian trade. The Nikkei was among the strongest with a 1.7% gain, the Hang Seng added 1.6%, Australia was up about three quarters of a percent and Shanghai gained a slight fraction. European indexes are mostly up this morning, with the Dax better by about a half percent and the Footsie up just a touch. US stock futures are up a slight fraction as I write.

*The Q3 reading of Australia’s GDP is +1.0% on a quarter on quarter basis and +2.5% compared to the same quarter from a year ago; both measure are better than the estimates.

*The preliminary October reading of Japan’s Leading Economic Index is 91.5; steady from the month before, but one tenth below the forecast.

*The October reading of German Industrial Production was up 0.8% on a month on month basis, more than double the expected increase.

*The November reading of Switzerland’s Unemployment Rate was steady at 3.0% as expected.

*The October reading of UK Industrial Production was -0.7% on a monthly basis, a decline that was twice the expectation.

*The ECB reports that it allotted $50.7 billion in its third 3-month dollar tender, but the first tender since the Fed cut the cost of the facility by 50 basis points. The total loans were at the upper end of expectations and well above the median estimate of $10 billion. The previous three- month dollar tender by the ECB last month saw $395 million lent out.

*A German source says there is still no EMU-wide accord ahead of the summit, adding that small steps not enough to convince markets. Also that while the EU summit will discuss IMF funds in a crisis, not sure if there is already a decision on IMF funds.

*US mortgage applications were up 12.8% in the week ended December 2, according to the Mortgage Bankers Association. Both components, purchase and refi, were up on the week.

*The weekly report on energy inventories is due out at 9:30am CST. Stocks of Crude Oil are forecast to decline 1.25 million barrels, Gasoline inventories are expected to increase 875k and the estimate for Distillates is +1.15 million.

*The Fed is scheduled to sell TIPS today that are due to mature between 4/15/12 and 4/15/14; the results of the operation will be announced just after 10:00am CST.

*The Fed is set to report the October reading of Consumer Credit at 2:00pm CST, it is expected to show a $7.0 billion increase.

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