Palm Beach, FL 1/18/12 (StreetBeat) -- Stocks were mixed in Asian trade. Shanghai fell 1.4%,, but the Nikkei gained one percent, the Hang Seng rose 0.3% and Australia was up a slight fraction. European indexes are little changed this morning, with the Dax up 0.3% and the Footsie essentially unchanged. US stock futures are up a slight fraction as I write.*The final November reading of Japan’s Industrial Production was revised down one tenth to -2.7% on a month on month basis.
*The January reading of Switzerland’s ZEW Survey of Economic Expectations had a sharp gain to -50.1 from -72.0 the month before, according to Credit Suisse.
*The November reading of the UK Unemployment Rate increased one tenth to 8.4%, but had been expected to remain at 8.3%. However, the net change in the number of jobless claims in December was only +1.2k, below the estimate for +7.0k.
*The World Bank has lowered its forecast for global GDP down to +2.5% from +3.2%.
*The IMF says they plan to raise their lending resources by $500 billion.
*US mortgage applications were up 23.1% in the week ended January 13, according to the Mortgage Bankers Association. Both key components had strong gains, but Refinancings led with a gain of 26.4% on the week.
*The weekly report on chain store sales from ICSC showed a gain of 0.1% on a week on week basis for the week ended January 14; sales are said to be up 3.0% for the week when compared to the corresponding week from a year ago. The Johnson Redbook report on the same thing is due out at 7:55am CST.
*Goldman Sachs reports Q4 eps of $1.84, well above the estimate of $1.23; but Q4 Revenues fell short at $6.05 billion versus the expectation for $6.39 billion. Ebay is among those that will report after the close.
*The December reading of the Producer Price Index is due out at 7:30am CST. Headline PPI is expected to be +0.1% on a monthly basis and the estimate for the Core PPI is also +0.1% month on month. The Treasury is set to announce at 8:00am CST the net change in November of the foreign holdings of long-term US securities; it is forecast to be +$40.0 billion. The December readings of Industrial Production and Capacity Utilization are due out at 8:15am CST. Production is expected to be up 0.5% on the month and the estimate for Utilization is 78.1%, or up three tenths from the month before. The January reading of the NAHB Housing Market Index is due out at 9:00am CST, forecast to be up one point on the month to 22.
*The Fed is scheduled to buy and sell Treasuries today. They will sell Treasuries that are due to mature between 11/15/13 and 2/28/14; the results of this operation will be announced just after 10:00am CST. 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.
*Fed Governor Tarullo will testify about the Volcker Rule before the House Financial Services Committee at 8:30am CST.
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