Orlando, FL 3/28/12 (StreetBeat) -- Stocks were mostly lower in Asian trade. Shanghai was among the worst with a drop of two and two thirds percent, while the Hang Seng and Nikkei both lost three quarters of a percent; but Australia was up one percent. European indexes are little changed this morning with the Dax and Footsie both trading near flat on the day. US stock futures are up a slight fraction as I write.*German states are this morning releasing the March readings of their Consumer Price Index, some of the results include: Saxony +0.3% month on month and +2.2% year on year; Brandenburg +0.2% and +2.1%; Hesse +0.2% and +2.0%; and Bavaria +0.1% and +2.3%. The national CPI is due out at 7:00am CDT, it is expected to be +0.4% month on month and +2.3% annualized, on an EU harmonized basis.
*The final reading of the UK’s Q4 GDP was revised a touch lower to -0.3% from -0.2% on a quarter on quarter basis and to +0.5% from +0.7% year on year.
*US mortgage applications were down 2.7% in the week ended March 23, according to the Mortgage Bankers Association. Applications for Purchase were up 3.3% on the week, but those for Refinancing fell 4.6%.
*The February reading of Durable Goods Orders is due out at 7:30am CDT. Headline Orders are expected to be +3.0% on a monthly basis and the estimate for Orders ex-transportation is +1.7% month on month.
*The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to increase 2.55 million barrels, Gasoline inventories are expected to be down 1.55 million and the estimate for -500k.
*The Fed is scheduled to buy Treasuries today that are due to mature between 5/15/20 and 2/15/22; the results of the operation will be announced just after 10:00am CDT.
*The Treasury plans to sell $35 billion 5 Year Notes today; the auction results will be announced just after noon CDT.
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