Northern, WI 6/5/12 (StreetBeat) -- Stocks were mostly higher in Asian trade. Australia added one and a half percent, the Nikkei rose one percent, the Hang Seng was up 0.4% and Shanghai gained a slight fraction. European indexes are mixed this morning, but the Dax is among the worst with a one percent decline. The UK continues to celebrate the Jubilee. US stock futures are down a slight fraction as I write.
*The Reserve Bank of Australia cut their cash rate target a quarter point to 3.50%; analysts were split as to whether they would move today. The RBA says they cut the rate because of modest local growth and global economic uncertainty.
*The May reading of China’s service sector Purchasing Managers Index was up six tenths on the month to 54.7 according to HSBC.
*The final May reading of the Euro Zone’s service sector PMI was revised up two tenths to 46.7; but that is down two tenths from the month before.
*The April reading of Euro Zone Retail Sales was much worse than expected; down one percent on the month and -2.5% year on year.
*G7 FinMins and central bankers are talk about the European debt crisis on a conference call today. It is not clear if anyone involved will make a statement. The G20 summit of leaders is set for Los Cabos, Mexico on June 18 – 19.
*The final May reading of Germany’s service sector PMI was revised down four tenths to 51.8; it is also down four tenths from the month before.
*The April reading of Germany’s Factory Orders were down more than forecast, off 1.9% month on month.
*The weekly report on chain store sales from ICSC showed an increase of 0.4% on a week on week basis for the week ended june2. Sales are said to be up 2.8% for the week when compared to the same week a year ago, the slowest rate of increase in two months. The Johnson Redbook report on the same thing is due out at 7:55am CDT.
*The May reading of the ISM Non-manufacturing Composite Index is due out at 9:00am CDT, it is expected to be steady on the month at 53.4.
*The Fed is scheduled to buy Treasuries today that are due to mature between 8/15/20 and 5/15/22; the results of the operation will be announced just after 10:00am CDT.
*Fed speak on the calendar today includes: Dallas Fed boss Fisher, who spoke earlier in Scotland, he continues to not be a fan of the additional stimulus and thinks Operation Twist is distorting prices; St. Louis Fed’s Bullard is set to talk about housing at 1:15pm CDT; and Chicago Fed’s Evans speaks economic and policy at 6:15pm CDT.