Atlanta, GA 7/9/12 (StreetBeat) -- Stocks were weak in Asian trade. Shanghai fell about 2.4%, the Hang Seng was down 1.9%, the Nikkei was off by one and a third percent and Australia lost almost one percent. European indexes are mostly lower on the day, with the Footsie lower by a third percent while the Dax is flat. US stock futures are lower by about a third of a percent as I write.
*The June reading of China’s Consumer Price Index was 2.2% on a year on year basis. That is the lowest reading since January 2010 and down eight tenths from the month before; it was expected to be 2.3%.
*The June reading of China’s Producer Price Index is -2.1% on a year on year basis, the most deflationary result since November 2009.
*The May reading of Germany’s Trade Balance is a surplus of EU15.3 billion, a bigger surplus than expected. Both exports and imports increased from the month before, but the value of exports rose more.
*The June reading of Switzerland’s Unemployment Rate was steady on the month at 2.9%. It had been expected to be unchanged from the month before as it was, but take note that the May result was revised down three tenths to 2.9%, so although it was flat month to month it was at the lower level.
*By the way the yield on Spain’s 10 Year Note is back up around 7.00% this morning and for Italy the yield is back above six percent.
*Euro Zone FinMins are meeting in Brussels today to talk about important financial things; beware of the occasional headline.
*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 on the economic outlook at 10:55am CDT.
*The May reading of Consumer Credit is due out at 2:00pm CDT, it is expected to increase $8.0 billion.
*Alcoa kicks off the Q2 earning report season after the close of the market today.