Austin, TX 3/1/12 (StreetBeat) -- Stocks were mixed in Asian trade. The Hang Seng was among the worst performers with a decline of 1.3%, Australia lost one percent, while the Nikkei and Shanghai were both down a slight fraction. European indexes are broadly higher with the Dax and Footsie both up about two thirds of a percent. US stock futures are better by about a quarter percent as I write.*The February reading of China’s manufacturing sector Purchasing Managers Index rose a half percent on the month to 51.0, matching the forecast.
*The January reading of the Euro Zone Unemployment Rate was up three tenths on the month to 10.7%, it was expected to be steady.
*The final February reading of Germany’s manufacturing sector PMI was revised up one tenth to 50.2.
*The ISDA Determinations Committee says that, as things now stand and after considering the PSI offer, they do see the Greek debt situation as a credit event that should make Credit Default Swaps kick in.
*The Q4 reading of Switzerland’s GDP was +0.1% on a quarterly basis and +1.3% year on year; both results were better than expected by a few tenths.
*The February reading of Switzerland’s manufacturing sector PMI rose 1.7 points on the month to 49.0, a half point more than expected.
*The February reading of the UK’s manufacturing sector PMI was down eight tenths on the month to 51.2, it was forecast to remain steady at 52.0.
*Chain stores are releasing their February same store sales results this morning, some of the reports that are already out include: Limited Brands +8.0%; the Wet Seal -5.8%; and Stein Mart +0.7%.
*The January reading of Personal Income and Spending is due out at 7:30am CST. Income is forecast to be up 0.4% from the month before and the estimate for Spending is also +0.4% month on month. The headline PCE Deflator is expected to be +2.3% year on year, down one tenth from the annualized result from the previous month. The PCE Core rate is forecast to be +0.2% month on month and +1.8% year on year. Also due out at 7:30am is the weekly report on Initial Jobless Claims, it is expected to be 355k. The February reading of the ISM Manufacturing Index is due out at 9:00am CST, it is expected to increase fractionally from the month before to 54.5 and the estimate for the Prices Paid component is 58.0, up from 55.5 the month before. Also set for release at 9:00am is the January reading of Construction Spending, it is expected to be +1.0% month on month.
*The automakers will be releasing their February sales results today; total vehicle sales are expected down a fraction from the month before to an annualized 14.00 million units.
*The weekly report on inventories of Natural Gas is due out at 9:30am CST, it is expected to show a decline of 90 bcf.
*Fed boss Bernanke will complete his Humphrey/Hawkins testimony before the Senate Banking Committee this morning; he is set to begin at 9:00am CST.
*The Fed is scheduled to sell Treasuries today that are due to mature between 6/15/12 and 1/31/13; the results of the operation will be announced just after 10:00am CST.
*Aside from Bernanke there are three other Fed speakers on the calendar today, including: Governor Raskin speaks on the economic outlook at 9:30am CST; Atlanta Fed’s Lockhart talks about the economy at 11:30am CST: and San Francisco Fed boss Williams will at 10:15pm CST take part in a panel discussion at an economic forecast dinner.
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