Friday, June 22, 2012

3 Things to Know Before Trading

3 Things to Know Before TradingNorthern, WI 6/22/12 (StreetBeat) -- Stocks were lower in Asian trade. The Hang Seng and Shanghai both fell 1.4%, Australia was down one percent and the Nikkei declined 0.3%. European indexes are mostly lower, with the Dax and Footsie both off by about one percent; Spain is however higher on the day by more than one percent. US stock futures are up a slight fraction as I write.

*Late yesterday afternoon Moody’s cut the ratings on fifteen large banks; nine are European, five are American and one is Canadian. The rating agency cut Credit Suisse three notches; there was a two notch downgrade for Morgan Stanley, JP Morgan, Goldman, Citi, UBS, Barclays, Credit Agricole, Deutsche Bank, BNP Paribas and RBC; and there was a one notch downgrade for B of A, HSBC, RBS and Soc Gen. The move was well telegraphed.

*The June reading of Germany’s IFO Index of the Business Climate fell more than expected; down 1.7 points to 105.3, the lowest mark since March 2010. The IFO Current Assessment rose seven tenths to 113.9, but had been expected to fall more than one point. However, the Expectations component was down 3.5 points to 97.3, a couple points below the forecast.

*The May reading of Canada’s Consumer Price Index is due out at 7:30am CDT; it is expected to be +0.1% on the month and +1.5% year on year.

*The Fed is scheduled to buy Treasuries today that are due to mature between 2/15/36 and 5/15/42; the results of the operation will be announced just after 10:00am CDT.

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