Tomahawk, WI 3/13/12 (StreetBeat) -- Stocks were generally higher throughout Asia. Australia added 1.2%, the Hang Seng rose one percent, Shanghai was up almost 0.9%, but the Nikkei was essentially unchanged. European indexes are broadly higher, with the Dax up one percent and the Footsie better by 0.9%. US stock futures are up about a half percent as I write.*The Bank of Japan kept their overnight rate target range steady at 0.0% to 0.10%. They kept the size of their existing QE programs steady as well. However they will create a new loan program, to be denominated in dollars that they have in their reserves; the details are apparently not yet set. BoJ boss Shirakawa says they will continue with the strong easing policy.
*The March reading of the Euro Zone’s ZEW Survey of Economic Sentiment was up nineteen points to 11.0; the best results since last May.
*The March reading of the German ZEW Survey of Economic Sentiment rose to 22.3 from 5.4 the month before; the result was more than double the expectation. However the Current Situation component fell about three points to 37.6 and this was expected to increase about one point.
*The weekly report on chain store sales from ICSC showed an increase of 0.7% on a week on week basis for the week ended March 10. The Johnson Redbook report on the same thing is due out at 7:55am CST.
*The February reading of the NFIB Small Business Optimism Index was up four tenths from the month before to 94.3; that’s the sixth monthly gain in a row, but still leaves the index two tenths under its year ago level. The Plan to Hire component fell one point to 4, those who Expect a Better Economy fell three points to -6, but those who Expect Higher Sales gained two points to 12.
*The February reading of Retail Sales is due out at 7:30am CST. Headline Sales are expected to be up 1.1% on a month on month basis and Sales Ex-autos are forecast to be +0.7% on the month. The January reading of Business Inventories is due out at 9:00am CST, it is expected to be +0.5% on the month.
*The March reading of the IBD/TIPP Economic Optimism Index is set to be released at 9:00am CST, it is expected to be up six tenths from the month before to 50.0.
*The Treasury plans to sell $21 billion re-opened 10 Year Notes today; the auction results will be out just after noon CST.
*The FOMC post meeting statement will be released at 1:15pm CST, give or take. Nothing much is expected from this meeting.
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