Palm Beach, FL 3/6/12 (StreetBeat) -- Stocks were generally weak in Asian trade. The Hang Seng was among the worst with a decline of more than two percent, Shanghai and Australia both fell about 1.4%, while the Nikkei was down 0.6%. European indexes are also weak this morning, with the Dax down 1.4% and the Footsie off by one percent. US stock futures are down about three quarters of a percent as I write.*The Q4 reading of Australia’s Current Account Balance is a deficit of A$8.37 billion, up about fifty percent from the previous quarter. Exports were up on the quarter, but Imports rose faster.
*The Reserve Bank of Australia kept their key cash rate target unchanged at 4.25%. They say policy is appropriate for the moment, but the inflation outlook gives them scope for easing if necessary.
*The has been unsubstantiated chatter that the Greek PSI deal is not being met with widespread acceptance and that they may extend the deadline from this Thursday to next Wednesday.
*The second look at the Q4 reading of the Euro Zone GDP was unrevised at -0.3% on a quarterly basis and +0.7% year on year.
*In February UK house prices were down 0.5% on a month on month basis, according to Halifax; prices were expected to increase 0.3%.
*The weekly report on chain store sales from ICSC showed an increase of 1.3% on a week on week basis for the week ended March 3; but sales were up1.7% for the week when compared to the same week from the year before. The Johnson Redbook report on the same thing is due out at 7:55am CST.
*The Fed is scheduled to buy Treasuries today that are due to mature between 3/31/18 and 2/15/20; the results of the operation will be announced just after 10:00am CST.
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