Tallahassee, FL 12/16/11 (StreetBeat) --Stocks were generally higher in Asian trade. Shanghai was among the best with a two percent gain, the Hang Seng rose 1.4%, Australia added about a half percent and the Nikkei was up a slight fraction. European indexes are mixed this morning, with the Footsie up about 0.6% and the Dax essentially unchanged on the day. US stock futures are up a bit more than a half percent as I write.*The Italian Chamber of Deputies gave an overwhelming vote of confidence to Prime Minister Monti’s and his emergency budget plan. They will have a final vote on the matter later in the day. The package will then go before the Senate on December 23.
*The November reading of the Consumer Price Index is due out at 7:30am CST. The headline CPI is expected to be +0.1% on a month on month basis and the estimate for the Core CPI is also +0.1% on the month. The annualized rates are forecast to be +3.5% and +2.1% respectively.
*There is a smattering of Fed speak on the calendar today, including: Steve Kamin, the head of the Fed’s Division of International Finance, who will talk about Europe before a House sub-committee at 8:30am CST; NY Fed’s Dudley will appear before another House committee at 8:30am CST to talk about TARP; Chicago Fed’s dissenter Evans will join ECBer Orphanides at a conference in Italy at 10:15am CST; and Dallas Fed boss Fisher will discuss the economy at 11:55am CST.
*The Fed is scheduled to buy Treasuries today, twice. First they will buy Treasuries that are due to mature between 2/15/36 and 11/15/41; the results of this operation will be announced just after 10:00am CST. Then they will buy Treasuries that are due to mature between 2/15/20 and 11/15/21; the results of this operation will be announced just after 1:00pm CST.
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