3 Things to Consider When Trading Today

Shawshank, VA 3/30/12 (StreetBeat) -- Stocks were mixed in Asian trade. Shanghai rose about a half percent, but the Nikkei fell 0.3%, the Hang Seng was down a quarter percent and Australia was essentially unchanged. European indexes are generally firm this morning with the Dax up more than one percent and the Footsie up two thirds of a percent. US stock futures are up a third to a half percent as I write.

*The February reading of Japan’s Jobless Rate was unexpectedly down one tenth from the month before to 4.5%; a steady reading had been forecast. Additionally, Overall Household Spending was up 2.3% on a year on year basis in February, much better than the expected drop of 0.5%.

*The February reading of Japan’s Consumer Price Index, ex-fresh food, is +0.1% on a year on year basis; the estimate called for a decline of 0.1%. The March reading for that same inflation measure in Tokyo is -0.3% on a year on year basis, matching the forecast.

*The preliminary February reading of Japan’s Industrial Production is -1.2% on a month on month basis, but it had been expected to be up 1.3% from the month before.

*Spain’s austerity budget is scheduled to be unveiled later this morning.

*Euro Zone FinMins meeting in Copenhagen have agreed to enlarge their bailout firewall to EU700 billion, a forty percent increase; they will set aside a couple hundred billion from the EFSF and allow the ESM to be fully funded at EU500 billion when it begins later this year.

*The February reading of German Retail Sales is -1.1% on a month on month basis, well short of the expected monthly gain of 1.1%.

*The February reading of Personal Income and Spending is due out at 7:30am CDT. Income is expected to be +0.4% on a month on month basis and the estimate for Spending is +0.6% from the month before. The PCE Deflator is forecast to be 2.3% on a year on year basis, one tenth lower than it was in January. The PCE Core inflation measure is expected to be up 0.1% on the month and +1.9% on the year. The March reading of the Chicago Purchasing Managers Index is due out at 8:45am CDT, but the subscribers will get the report three minutes earlier than that; it is expected to be 63.0, down one point from the month before. The final March reading of consumer sentiment from the University of Michigan is due out at 8:55am CDT, it is expected to be 74.5, or up two tenths from this month’s preliminary result.

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