Tallahassee, FL 12/19/11 (StreetBeat) --Stocks were generally weak in Asian trade. Australia was among the worst with a decline of 2.4%, the Nikkei fell one and a quarter percent, the Hang Seng was down by about 1.2% and Shanghai fell 0.3%. The worst performer in the region was Korea’s Kospi, this fell 3.4% on uncertainty over what happens next in North Korea following the death of Kim Jong-il over the weekend; his third son, Kim Jong-un, has been named the successor. European indexes are broadly higher this morning, with the Dax up about 1.0% and the Footsie better by a slight fraction. US stock futures are up about a half percent as I write.*The November reading of Japan’s Nationwide Department Store Sales was -1.9% on a year on year basis.
*EU FinMins will begin a teleconference meeting at 8:30am CST. The discussion is likely to touch upon the ESM rescue fund and how to implement a qualified majority voting mechanism that is supposed to replace the previous unanimity voting.
*The Senate and House are not getting along on the spending and tax legislation they were both hoping to pass before the holiday break. The Senate has adjourned for the season, but will have to come back if something is to get done.
*The December reading of the NAHB Housing Market Index is due out at 9:00am CST, it is expected to be steady on the month at 20.
*The Fed is scheduled to buy Treasuries today that are due to mature between 12/31/17 and 11/15/19; the results of the operation will be announced just after 10:00am CST.
*The Treasury plans to sell $35 billion 2 Year Notes today; the auction results will be announced just after noon CST.
*Richmond Fed’s Lacker is set to speak on the economic outlook at 11:30am CST.
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