Monday, July 2, 2012

3 Things to Know Before Trading

3 Things to Know Before TradingOrlando, FL 7/2/12 (StreetBeat) -- Stocks were mixed in Asian trade. The Hang Seng was among the best with a gain of more than two percent and Australia was up almost one percent, but the Nikkei and Shanghai were both unchanged on the day. European indexes are broadly higher this morning, with the Dax up 1.2% and the Footsie better by 0.7%. US stock prices are up a slight fraction as I write.

*The June reading of China’s manufacturing sector Purchasing Managers Index was down two tenths from the month before to 48.2, according to HSBC.

*The Q2 reading of Japan’s Tankan Large Manufacturers Index improved three point to -1; a steady result at -4 was the forecast.

*A report by the Finnish government says that bond purchases by the ESM on the secondary market requires unanimity in the future and such unanimity doesn’t exist as Finland and the Netherlands oppose it, reports Bloomberg. ESM news elsewhere includes: the German Constitutional Court has set July 10 for a hearing on the ESM and Fiscal Pact that was voted on by the Bundestag last week.

*The May reading of the Euro Zone Unemployment Rate is 11.1%, up one tenth from the prior month and matching the forecast; it is the highest level for the jobless rate since the euro was introduced.

*The final June reading of the manufacturing sector PMI was revised up three tenths to 45.1.

*The final June reading of Germany’s manufacturing sector PMI was revised up three tenths to 45.0.

*The June reading of Switzerland’s manufacturing sector PMI was up 2.7 points on the month to 48.1, well above the expectation for a four tenth decline.

*The June reading of the UK’s manufacturing sector PMI was up 2.7 points on the month to 48.6, the estimate called for a fractional gain to 46.5.

*The June reading of the ISM Manufacturing Index is due out at 9:00am CDT, it is expected to be down 1.5 points on the month to 52.0; the Prices Paid component is forecast to be 45.8, down from 47.5 the month before. The May reading of Construction Spending is also due out at 9:00am, it is expected to be +0.2% month on month.

*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.

*San Francisco Fed boss Williams is set to speak at 12:15am CDT.

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