Austin, Tx 4/16/12 (StreetBeat) -- Stocks were mostly weaker in Asian trade. The Nikkei was among the worst, it dropped one and three quarters percent; Australia fell a half percent, the Hang Seng was down 0.4% and Shanghai was essentially unchanged. European indexes are mostly higher this morning, with the Dax and Footsie both up about 0.7%; Spain is an exception, it is down a slight fraction this morning. US stock futures are up about a quarter of a percent as I write.*China has widened its allowable daily trading band for the Yuan; daily fluctuation can now be as much as one percent in either direction from the previous day’s close, or double the old band.
*Nationwide Department Store Sales in Japan in March were up 14.1% versus a year ago. That is the second biggest year over year sales gain on record, but it should be remembered that last March Japan was suffering from a whole series of disasters and the comparison is skewed at best.
*The yield on Spain’s 10 Year Note is back above 6.00% for the first time since Prime Minister Mariano Rajoy took power in December. Speaking of Rajoy, he says that he has had to act faster on the deficits than he had expected, but no one should doubt Spain’s commitment to the euro and that his country deserves support from European institutions.
*Moody’s said over the weekend that they may have to downgrade the credit rating of as many as 114 euro area banks, based in sixteen countries, as soon as May.
*The March reading of Retail Sales is due out at 7:30am CDT. Headline Sales are expected to be +0.3% on a month on month basis and the estimate for Sales Ex-autos is +0.6%. Also due out at 7:30am is the April reading of the Empire State Manufacturing Index, it is forecast to be 18.00, or down two points from the month before. The Treasury will announce at 8:00am CDT the net change in February of foreign accounts holdings of long-term US securities, it is thought these accounts increased their holdings by $42.5 billion. The February reading of Business Inventories is due out at 9:00am CDT, it is expected to be +0.6% on the month. Also set for nine o’clock release is the April reading of the NAHB Housing Market Index, it is forecast to be steady on the month at 28.
*The Fed is scheduled to sell Treasuries today that are due to mature between 2/15/13 and 6/30/13; the results of the operation will be announced just after 10:00am CDT.
*Cleveland Fed boss Pianalto is set to speak at 11:30am CDT and St. Louis Fed’s Bullard will talk at 2:30pm CDT.
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