3 Things to Consider Before Trading Today

Orlando, FL 3/7/12 (StreetBeat) -- Stocks were down throughout Asia today. Australia was among the weakest with a decline of one and a half percent, the Hang Seng was off by 0.9%, while the Nikkei and Shanghai were both down two thirds of a percent. European indexes are mostly higher this morning with the Footsie up about 0.3% and the Dax better by 0.2%. US stock futures are up by a quarter to a third of a percent as I write.

*The Q4 reading of Australia’s GDP was +0.4% on a quarter on quarter basis, only half the anticipated rate of growth. And the previous quarter was revised down by a couple of tenths to +0.8% on quarterly basis. The annualized growth rate is +2.3%, just one tenth below the forecast and the previous result was revised up one tenth to +2.6%.

*The preliminary January reading of Japan’s Leading Economic Index is 94.9; just a tenth under the expectation and up one point from the month before.

*The January reading of German Factory Orders was much weaker than forecast at -2.7% on a month on month basis; the estimate was for an increase of 0.6%.

*The February reading of Switzerland’s Unemployment Rate was steady at 3.1% on a seasonally adjusted basis, matching the forecast.

*US mortgage applications were down 1.2% in the week ended March 2, according to the Mortgage Bankers Association. The Purchase component was up 2.1% on the week, but Refinancings were down 2.0%.

*ADP is scheduled to release at 7:15am CST their February estimate for the net change in private sector non-farm payrolls; it is expected to be +215k. The final Q4 reading of Non-farm Productivity is due out at 7:30am CST, it is forecast to be revised up one tenth to +0.8%, but the estimate for Unit Labor Costs is expected to remain steady at +1.2%. The January reading of Consumer Credit is due out at 2:00pm CST, it is forecast to be an increase of $10.45 billion.

*The weekly report on energy inventories is due out at 9:30am CST. Stocks of Crude Oil are forecast to increase 1.5 million barrels, Gasoline inventories are expected to decline 1.6 million and the estimate for Distillates -1.65 million.

*The Fed is scheduled to buy Treasuries today that are due to mature between 2/15/36 and 2/15/42; the results of the operation will be announced just after 10:00am CST.

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