3 Things to Know Before Trading

Atlanta, GA 6/27/12 (StreetBeat) -- Stocks were mixed in Asian trade this morning. The Nikkei and Australia were both up three quarters of a percent and the Hang Seng rose one percent, but Shanghai was down a slight fraction. European indexes are moderately higher this morning, with the Footsie better by a half percent and the Dax up a quarter percent. US stock futures are up a slight fraction as I write.

*The May reading of Germany’s Import Price Index is -0.7% on a month on month basis, a decline that is one tenth greater than forecast.

*German states are this morning releasing the June reading of their Consumer Price Indexes; among those reporting are: Saxony -0.1% month on month and +1.7% year on year; Brandenburg -0.1% and +1.8%; Bavaria 0.0% and +2.2% and Hesse 0.0% and +1.8%. The national CPI is due out at 7:00am CDT, it is expected to be -0.1% on a monthly basis and +2.1% year on year.

*Merkel has been reiterating this morning that no quick resolution to what ails Europe and that there will only be joint liability after there is joint budget control. She is to have a pre-summit meeting with French boss Hollande later today.

*In May in the UK there were 30,238 loans for house purchases, according to the British Bankers Association; the result was well short of the 33,000 estimate.

*US mortgage applications were down 7.1% in the week ended June 22, according to the Mortgage Bankers Association; both components were lower on the week.

*The May reading of Durable Goods Orders is due out at 7:30am CDT. Headline Orders are expected to be up 0.5% on the month, and the Orders Ex-transportation are forecast to be +0.7% from the month before. The May reading of Pending Home Sales is set to be released at 9:00am CDT, it is expected to be +1.5% on the month.

*The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to decline 1.3 million barrels, Gasoline inventories are expected to increase 1.0 million and the estimate for Distillates is +1.225 million.

*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.

*The Treasury plans to sell $35 billion 5 Year Notes today; the auction results will be released just after noon CDT.

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