3 Things to Know Before Trading

*Stocks were little changed in the markets that were trading in Asia, with the Nikkei up 0.2% and Australia was flat. European indexes are broadly lower this morning with the Dax off by more than one percent and the Footsie down 0.9%. US stock futures are down by a third to a half percent.

*The Bank of Japan kept rates and other policy initiatives unchanged at their policy meeting; but they expect the economy to return to a moderate recovery path. Governor Shirakawa says they are closely monitoring the impact of the strong yen on the economy.

*The preliminary January reading of the Euro Zone manufacturing sector Purchasing Managers Index was up 1.8 points to 48.7, beating the expectation of just a fractional gain. The service sector PMI was also better than forecast, it rose 1.7 points to 50.5.

*The preliminary January reading of Germany’s manufacturing sector PMI was up two and a half points from the month before to 50.9, it had been expected to be 49.0. The service sector PMI added 2.1 points to 54.5, but was forecast to increase only one tenth.

*Late yesterday SP downgraded the credit ratings of several French banks, including Soc Gen and Credit Agricole.

*The EU Fin Mins rejected the latest iteration of the Greek debt swap deal, insisting that the coupon on new Greek bonds must be below the average of 4.00% that was said to be part of the discussions. The Fin Mins are instead seeking coupons below 3.5% for debt due to mature on or before 2020 and below 4% over the 30 year horizon of the debt package.

*The weekly report on chain store sales from ICSC showed a sales decline of 1.4% on a week on week basis for the week ended January 21. The Johnson Redbook report on the same thing will be out at 7:55am CST.

*The IMF is set to release its World Economic Outlook at 9:00am CST.

*The January reading of the Richmond Fed Manufacturing Index is due out at 9:00am CST; it is expected to be 7, up from 3 the month before.

*The Fed is scheduled to buy Treasuries today that are due to mature between 1/31/18 and 11/15/19; the results of the operation will be announced just after 10:00am CST.

*The Treasury plans to sell $35 billion 2 Year Notes today; the auction results will be announced just after noon CST.

*The FOMC begins their two-day meeting today, but no word from them until tomorrow.

*President Obama is set to deliver the State of the Union Address tonight at 8:00pm CST.

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Tomahawk, WI 4/3/2011 (PennyPayDay) -- Stocks were generally higher in Asian trade. The Hang Seng was up almost one and a half percent, Australia was up a half percent and the Nikkei was up a slight fraction; Shanghai was closed. European indexes are generally little changed, with the Footsie up about a quarter percent and the Dax essentially unchanged at the moment. US stock futures are up a slight fraction.

*The February reading of the Eurozone Producer Price Index was up 0.8% on a month on month basis and +6.6% year on year, which was the highest result for this inflation measure since September 2008.

*Reuters over the weekend said the IMF is “pushing Greece to restructure its debt soon in view of the unsustainable fiscal burdens it is carrying, marking a change of course, German magazine Der Spiegel” reports. It was early last month that IMF European Director Borges said he was “confident that Greek debt is sustainable.”

*The Fed is scheduled to buy Treasuries today that are due to mature between 10/31/16 and 3/31/18; the results of the operation will be announced just after 10:00am CDT.

*Fed boss Bernanke is scheduled to speak to a Atlanta Fed conference tonight at 6:15pm CDT; his speech is on the not so exciting topic “Clearinghouses and Financial Stability”, but he will also take Q and A after his prepared remarks. Other Fedsters on the calendar today include: Atlanta Fed’s Lockhart talking about the economy at 8:05am CDT and Chicago Fed boss Evans, he speaks at 8:30am CDT about financial literacy at a conference at his bank, then later he is set to do a CNBC interview at 2:15pm CDT.

*IMF boss Strauss-Kahn is set to speak at 1:00pm CDT in the run-up to this week’s IMF/World Bank meetings.

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The Nikkei surged last night, rising 4.36%. The rest of Asia was up more modestly. Major European indices are mixed, as are US futures. •UK inflation jumped to a 4.4% year-over-year rate in February, from 4.0% in January. This remains above the Bank of England's target rate, and will increase pressure on the bank's leadership to raise rates.

•The eurozone's leadership has come to an agreement on the new permanent bailout fund for the region. Eurozone members will be expected to add money to the fund, which will be worth about $710 billion. Don't miss: The 14 countries more likely to default than Spain.

•The situation at Japan's Fukushima reactor facilities has deteriorated slightly today, with reactor 4 heating up. There could be more radiation released from the site, with fears already high it is impacting the food supply. Here's how the $200 billion Japanese disaster is impacting the world economy.

•Support for the U.S. led coalition in Libya is falling, with China calling for a cease-fire. A U.S. plane was downed overnight, though the pilots appear to be safe. Check out three decades of Qaddafi magazine covers.

•Oil prices have slid from yesterday's highs as a result of what is perceived to be a calming situation in the Middle East. Crude futures are now below $102.

•Yemen's president Ali Abdullah Saleh says he would be willing to leave office this year. Saleh is facing stiff opposition from both protesters and defecting military leadership to his continued rule. Here are the 11 countries at risk of becoming the next Libya.

•Barclays may be a buyer of U.S. Treasury owned mortgage backed securities, though they have yet to submit a bid. AIG is already a potential buyer, having offered $15.7 billion for the securities.

•China Telecom disappointed with its 2010 profits, with net growth at only 9.3%. Competition was blamed for the weak performance.

•Apollo Global, the private equity firm, is aiming to sell $480 million in shares in an IPO. The price target for shares is between $17 and $19 a share
.
•Bonus: Tiger Woods has a new girlfriend and, according to Us Weekly, she's 22.

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Asian markets were higher in overnight trading, with the Hang Seng up 1.73%. The Nikkei was closed for a holiday. European markets have blasted higher this morning, and U.S. futures suggest a positive open. •Yemen looks to be on the brink of a coup today, with generals turning against president Saleh to back the protesters. Yesterday, Saleh removed his government.

•In Libya, Colonel Qaddafi's compound in Tripoli has been destroyed. The British Foreign Secretary has hinted that Qaddafi could be targeted in future attacks. Rebel troops are now advancing on government forces. Here's a guide to the military Qaddafi is using to crush his own people.

•As a result of the chaotic situation in the Middle East, oil prices have spiked higher. Crude futures now at nearly $103 and Brent prices are over $115.

•In Japan, the situation at Fukushima seems to be improving, with several reactors being cooled. Smoke is, however, billowing from reactor 3 this morning and some workers have been evacuated. Follow the situation live in Fukushima.

•Nissan intends to restart its production line in Japan this week, with six plants coming online today. Assembly of finished cars will restart Thursday.

•Boeing has flown the first test flight of its new 747-8 Intercontinental jumbo jet. The jet should hit the market by the end of 2011.

•AT&T is acquiring rival T-Mobile for $39 billion. The deal still needs government approval, but would make AT&T the biggest mobile phone company in America if and when completed.

•Existing home sales data is released at 10:00 AM ET. The consensus is for an annualized 5.15 million in sales for the month of February.

•International reinsurance giant Swiss Re says the Japan quake will cost it $1.2 billion. Its shares are up in European trading as this number is lower than expected.

•Bonus: Prince William and Kate Middleton are considering honeymooning in Australia.

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Oxford, MS 3/18/2011 (PennyPayDay) -- Stocks were generally higher in Asian trade, particularly in Japan. The Nikkei was up about two and three quarters percent, Australia added more than one and a half percent, Shanghai gained a third of a percent and the Hang Seng was up a slight fraction. European indexes are mostly higher at the moment as well, with the Dax and Footsie both up by more than a half percent. US stock futures are about three quarters of a percent higher.

*Japan’s Prime Minister reminds that the Fukushima reactor crisis is still “very grave” as efforts to re-submerge the radioactive fuel rods continues with uncertain results. Power to Fukushima reactors 3 and 4 may be returned by Sunday.

*The G7 has agreed to try to cap the strength of the yen with a concerted intervention. In a statement released last night the G7 said, “In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the United States, the United Kingdom, Canada, and the European Central Bank will join with Japan, on March 18, 2011, in concerted intervention in exchanged markets. As we have long stated, excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. We will monitor exchange rates closely and will cooperate as appropriate.” Dollar yen is up more than 250 pips from late yesterday after noon at 81.50 and Euro/yen is about 440 pips higher at 115.00. Reports say that Japan probably sold less than Y2 trillion today, and there is word that the Bank of Japan will not sterilize the intervention effort.

*The UN has approved a “no fly zone” in Libya and have committed to take “all necessary measures”, excluding putting troops on the ground to protect civilians in the civil war being waged there.

*The February reading of Germany’s Producer Price Index was +0.7% on a month on month basis, matching the forecast.

*The February reading of Switzerland’s Producer and Import Prices was +0.2% on the month and +0.5% year on year.

*The Fed is scheduled to buy TIPS today that are due to mature between 9/30/13 and 2/15/41; the results of the operation will be announced just after 10:00am CDT.

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Happy St. Patrick's Day!!!

Oxford, MS 3/17/2011 (PennyPayDay) -- Saint Patrick's Day (Irish: Lá Fhéile Pádraig) is a religious holiday celebrated internationally on 17 March. It is named after Saint Patrick (c. AD 387–461), the most commonly recognised of the patron saints of Ireland. It is observed by the Roman Catholic Church, the Anglican Communion (especially the Church of Ireland), the Eastern Orthodox Church and Lutherans. Saint Patrick's Day was made an official feast day in the early 17th century, and has gradually become a celebration of Irish culture in general.

The day is generally characterised by the attendance of church services, wearing of green attire (especially shamrocks), and the lifting of Lenten restrictions on fasting and drinking, which is often proscribed during the rest of the season.

Saint Patrick's Day is a public holiday in the Republic of Ireland, Northern Ireland, Newfoundland and Labrador and in Montserrat. It is also widely celebrated by the Irish diaspora, especially in places such as the United Kingdom, Canada, the United States, Argentina, Australia, and New Zealand, among others.

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3 Things To Know Before Trading

Oxford, MS 3/17/2011 (PennyPayDay) -- Stocks were generally lower in Asian trade. The Hang Seng was among the worst with a decline of 1.8%, the Nikkei lost 1.4% and Shanghai was lower by more than one percent. Australia was off just a slight fraction. European indexes are however broadly higher on the day, with the Dax and Footsie both currently up more than a half percent. US stock futures are three quarters of a percent higher.

*Japan’s leader of the upper house of Parliament is reported to have said that Japan should close the stock and forex markets in order to avoid a tumble in value.

*The focus of the efforts to correct the nuclear reactors situation in Japan has been on the water levels in the cooling tanks, which are said to be desperately low.

*The January reading of Japan’s Tertiary Industry Index was stronger than expected with a month on month gain of 2.1%.

*The situations in Libya and Bahrain are ongoing, but Bahrain has eased the curfew by about four hours in a sign that things have gotten more quiet if not resolved.

*The February reading of the Consumer Price Index is due out at 7:30am CST. Headline CPI is expected to be up 0.4% on a month on month basis and the estimate for the Core rate is +0.1%; these inflation measures are forecast to be +2.0% and +1.0% on an annualized basis, respectively. Also due out at 7:30am is the weekly report on Initial Jobless Claims, which is expected to be 388k. The February readings of Industrial Production and Capacity Utilization are set to be released at 8:15am CST. The forecast for Production is +0.6% from the month before and Utilization is expected to be 76.5%, up four tenths from the January result. The March reading of the Philly Fed Business Activity Index is due out at 9:00am CST, it is expected to be 28.8, it was 35.9 the month before. Also due out at 9:00am is the February reading of the Leading Economic Indicators, a rise of 0.9% is the estimate.

*The weekly report on inventories of Natural Gas is due out at 9:30am CST, it is expected to show a decline of 42 bcf.

*The Fed is scheduled to buy Treasuries today that are due to mature between 9/30/13 and 2/28/15; the results of the operation will be announced just after 10:00am CST, but, of course, that was the supposed schedule yesterday too.

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Stocks are quite weak everywhere. The Nikkei was particularly bad, it was down more than ten and a half percent at the close after trading about fifteen percent lower during the session; it is said to be the third worst decline in Nikkei history. The Hang Seng fell 2.8%, Australia lost more than two percent and Shanghai was down 1.4%. Europe is also down across the board, with the Dax currently off by about four percent and the Footsie down more than two percent. US stock futures are down between two and three percent.

*The situation at the Fukushima Dai-Ichi nuclear plant, about 150 miles northeast of Tokyo, took a decided turn for the worse overnight. An explosion at the #2 reactor released unsafe levels of radiation, which is said to be somewhere in between the events that occurred at nuclear reactors at Chernobyl and Three Mile Island; but one international agency said the incident should be rated 6 on the 7 point scale that they use to rate such things. The evacuation of the area in the vicinity of the nuclear plant may have to widen; there were reports of higher than normal measurements of radiation in Tokyo.

*The Reserve Bank of Australia thinks “mildly restrictive” policy is appropriate, according to the minutes from their latest policy meeting. But they see the inflation outlook over the next year being consistent with their target levels.

*Bahrain’s capital is said to be in lockdown mode today; stores are shuttered and main highways are being blocked by police after a Saudi-led military force entered the country yesterday to help the government deter the protest movement.

*Libya battles continue; G8 countries fail to agree on a “no-fly zone”, said UK foreign secretary Hague who spoke in Paris after a meeting of the group.

*The March reading of Germany’s ZEW Surveys were slightly weaker than expected. Economic Sentiment Index fell to 14.1 from 15.7 the month before, it had been forecast to rise a couple of tenths and the Current Situation Index was up two tenths to 85.4, but that was short of the 86.0 that was anticipated.

*By the way the energy complex is being hit hard today, currently WTI crude oil futures are down about $4 from yesterday’s close, trading under $97.20.

*The weekly report on chain store sales from ICSC showed an increase of 0.1% on a week on week basis for the week ended March 12. The Johnson Redbook report on the same thing is due out at 7:55am CST.

*The March reading of the Empire State Manufacturing Index is due out at 7:30am CST, it is expected to improve a fraction to 16.10. Also due out at 7:30 is the February reading of the Import Price Index, it is forecast to be up 0.9% on a monthly basis. The Treasury will report at 8:00am CST the net change in January for the long-term US securities that are held by foreign accounts, or the TIC Data, which is expected to show a gain of $55.0 billion. The March reading of the NAHB Housing Market Index is due out at 9:00am CST, the estimate is for 17, up one point from the month before.

*The FOMC meets today, they will release their post meeting statement at around 1:15pm CST; no major changes are expected in the text.

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*Stocks were mixed in Asian trade. The Nikkei had its worst decline in two years, it was down more than six percent as the affects of the earthquake, tsunami and the precarious situation involving the nuclear reactors in the vicinity of the stricken area took its toll on the markets. The latest reports say that after an explosion a the Fukushima #2 plant that nuclear fuel rods have become exposed and there is some chance of a meltdown, but other reports say that a Chernobyl type event is unlikely. Australia was down 0.4%, but the Hang Seng rose that much and Shanghai was up a slight fraction. European markets are mixed, but the Dax is currently off by about 0.9% and the Footsie is off a fraction. US stock futures are down about three quarters of a %.

*The Bank of Japan doubled the size of their asset buying fund to Y10 trillion and said they plan to buy more of the country’s bonds. They pledged to provide all of the liquidity that is necessary to meet demand. They also left their target rate steady at 0.10%.

*Greek bond spreads are tightening sharply to the Bund and other peripheral are also a bit better on the day as the EU promised more help for Greece and also that they will expand the EFSF rescue package.

*The Fed is scheduled to buy Treasuries today that are due to mature between 5/15/18 and 2/15/21; the results of the operation will be announced just after 10:00am CST.

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Stocks were lower throughout Asia. The Nikkei fell more than 1.7%, the Hang Seng was down one and a half percent, Australia was off about 1.2% and Shanghai lost 0.8%. European indexes are also lower as well, with the Dax off by about one percent and the Footsie down about 0.4%. US stock futures are down a slight fraction.

*An earthquake of 8.9 magnitude hit Japan earlier today, it is the largest earthquake in at least the one hundred and forty years for which they have records. The quake was off the coast of Japan and it sent a massive tsunami into parts of the country and has all Pacific coast areas, as far away as the US west coast on alert. Dozens are said to have been killed, but details of the destruction are still coming in and the toll is rising. There is additional concern that a nuclear power plant in the vicinity of the quake is at risk.

*The February reading of several bits of Chinese data was released last night, all measured on a year over year basis, including: PPI +7.2%, two tenth more than forecast; Industrial Production +14.9%, almost two percent higher than expected; CPI +4.9%, one tenth above the estimate; and Retail Sales +11.6%, well below the expectation of +19.0%.

*The planned Day of Rage protest in Saudi Arabia has not yet delivered any massive protest. It was supposed to occur after Friday’s prayers, but clerics are said to have sermonized against taking to the streets and Saudi police is out in force to discourage that as well.

*Libya is ongoing.

*The final February reading of Germany’s Consumer Price Index was unrevised at +0.6% month on month and +2.2% year on year, for the EU harmonized.

*The February reading of Germany’s Wholesale Price Index was +1.4% month on month; no estimate available.

*The February reading of the UK Producer Price Index was +0.5% month on month, one tenth below the estimate.

*The February reading of Retail Sales is due out at 7:30am CST. Headline Sales are expected to be up 1.0% on a month on month basis and the estimate for Sales Ex-autos is +0.7% on the month. The preliminary March reading of consumer sentiment from the University of Michigan is due out at 8:55am CST, it is forecast to be 76.4, down about one point from the final February result. The January reading of Business Inventories, it is expected to be +0.8% on a monthly basis.

*New York Fed boss Dudley is scheduled to speak on the economy in the Queens, NYC at 7:30am CST.

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Stocks were generally weak in Asian trade. The Nikkei, Australia and Shanghai all lost about 1.5% during the session while the Hang Seng dropped 0.8%. European indexes are also on the back foot, with the Footsie currently off more than one percent and the Dax down by 0.7%. US stock futures are down by about a quarter percent or so.

*The February reading of Australia’s Unemployment Rate was steady at 5.0%, as expected. But, the net change in the number of Employed was down 10.1k and this was forecast to increase by 20k.

*The February reading of China’s Trade Balance was surprisingly a deficit of $7.4 billion, the biggest deficit for any month in seven years. That is down from a trade surplus of $6.45 billion the month before and well below the estimate for a surplus of $4.90 billion. Exports were up only 2.4% from a year ago, but that is down from a 37.7% annualized gain in January and well off the forecast for a gain of 27.1% for February. Imports also showed less of an increase than was expected, this was up 19.4% from last year.

*The final Q4 reading of Japan’s GDP was unrevised at -0.7% on a quarter on quarter basis, but revised down one tenth to -1.3% for the annualized reading.

*The ECB reiterated that inflation risks are on the upside and that strong vigilance on monetary policy is warranted, in their monthly report.

*The Bank of England held rates and QE totals steady at their policy meeting today, as was generally expected.

*The January reading of the UK Industrial Production was up 0.5% on a month on month basis, better than forecast by one tenth.

*Moody’s downgraded Spain’s credit rating and say their outlook is negative.

*The January reading of Germany’s Trade Balance was a surplus of EU7.2 billion; well down from the EU19.3 billion surplus seen in December and less than the EU10.5 billion surplus expected. Exports were down 1.0% on the month, while Imports were up 2.3%.

*The weekly report on Initial Jobless Claims is due out at 7:30am CST, it is expected to be 376k. Also due out at 7:30am CST is the January reading of the Trade Balance, which is forecast to be a deficit of $41.5 billion, up one billion from the month before. At 1:00pm CST the Treasury will report the February reading of their Monthly Budget Statement, it is expected to show a deficit of $225.2 billion.

*The weekly report on inventories of Natural Gas is due out at 9:30am CST, it is expected to show a decline of 78 bcf.

*No Fed buying of Treasuries today, instead the NY Fed will release the next schedule for their buying habit at 1:00pm CST.

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Stocks in Asia were generally higher on the day, but little changed. The Nikkei was up 0.6%, the Hang Seng gained 0.4% and Shanghai rose a slight fraction; Australia was one of the exceptions with a decline of 0.8%. Similar results so far in Europe, with the Dax up about a quarter percent, but the Footsie is lower by a third of a percent. US stock futures are up a slight fraction.

*The March reading of Australian Consumer Confidence was down two and a half points on the month to 104.1, according to the Westpac Index; it is at a nine month low and is said to be the result of higher gasoline prices and a carbon tax.

*The January reading of Japanese Machine Orders was strong at +4.2%, more than one point above the forecast.

*The January reading of German Industrial Production is +1.8% month on month, a tenth more than expected.

*The February reading of Switzerland’s Consumer Price Index is +0.4% on a monthly basis and +0.5% year on year; both results were a tenth more than forecast.

*There are unconfirmed reports circulating that the ECB has been buying Greek and Portuguese bonds today after both continued their recent struggles earlier in the day.

*Libyan conflict is ongoing, with no obvious peaceful solutions on the table.

*US mortgage applications were up 15.5% in the week ended March 4, according to the Mortgage Bankers Association, the biggest weekly gain since June. Both key components, Purchases and Refis, had double digit gains.

*The January reading of Wholesale Inventories is due out at 9:00am CST, it is expected to rise 0.9% on a month on month basis.

*The weekly report on energy inventories is due out at 9:30am CST. Stocks of Crude Oil are forecast to increase 1.0 million barrels, Gasoline inventories are expected to fall 1.5 million and the estimate for Distillates is -500k.

*The Fed is scheduled to buy Treasuries today that are due to mature between 3/31/15 and 8/31/16; the results of the operation will be announced just after 10:00am CST.

*The Treasury plans to sell $21 billion re-opened 10 Year Notes today; the results of the auction will be announced just after noon CST.

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Stocks were generally up in Asian trade. The Hang Seng led the way with a gain of 1.7%, other key indexes such as the Nikkei, Shanghai and Australia all added a slight fraction. European indexes are mixed with the Dax and Footsie currently down by about a quarter percent. US stock futures are up a slight fraction.

*The January reading of Japan’s Current Account Balance showed that their surplus was down 47.6% on a year on year basis; Exports were down on the month while Imports rose.

*The January reading of German Factory Orders were four tenths stronger than expected at +2.9% on a month on month basis.

*The February reading of Switzerland’s Unemployment Rate fell one tenth to 3.4%, the lowest result in almost two years.

*The February reading of the NFIB Small Business Optimism Index was up four tenths on the month to 94.5. Although this was a half point under the forecast, it is the highest result since December 2007 and the components of the report, such as hiring plans were multi month highs.

*The weekly report on chain store sales from ICSC showed a gain of 2.3% on a week on week basis for the week ended March 5. The Johnson Redbook report on the same thing is due out at 7:55am CST.

*White House CEA boss Goolsbee is set to speak at the NABE conference in DC at 7:00am CST.

*The IBD/TIPP Index of Economic Optimism is due out at 9:00am CST, it is expected to rise fractionally on the month to 51.6.

*Fed Governor nominee Peter Diamond will testify at his confirmation hearing at 9:00am CST before the Senate Banking Committee.

*The Fed is scheduled to buy Treasuries today that are due to mature between 9/30/16 and 2/28/18; the results of the operation will be announced just after 10:00am CST.

*The Treasury plans to sell $32 billion 3 Year Notes today; the results of the auction will be announced just after noon CST.

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Stocks were mixed in Asian trade. Shanghai was up more than 1.8%. but the Nikkei fell one and three quarters percent, Australia lost almost 1.4% and the Hang Seng was off by 0.4%. But European indexes are generally higher on the session, with the Footsie and Dax both currently up by about 0.6%. US stock futures are up a slight fraction.

*The preliminary January reading of Japan’s Leading Economic Index was up a half point on the month to 101.9, but that’s was four tenths under the estimate.

*Libyan conflict is ongoing; several reports of warplanes hitting at rebel strongholds, including oil facilities in the east of the country. The crude oil market has again taken note with WTI currently up by more than two bucks at $106.70 and the Brent trading close to $118, higher by almost $2 on the day.

*Some chatter this morning about WSJ article by John Hilsenrath, in which he writes that the Fed is most likely to continue QE2 on schedule as opposed to either ending it early or tapering off the process at a slower pace but longer duration.

*There is some Fed speak on the calendar today, including: Atlanta Fed’s Lockhart on the economic outlook at 7:00am CST and Dallas Fed boss Fisher at 8:15am CST, also on the economy.

*The Fed is scheduled to buy Treasuries today that are due to mature between 9/15/13 and 2/28/15; the results of the operation will be announced just after 10:00am CST.

*The January reading of Consumer Credit is due out at 2:00pm CST; it is expected to show a gain of $3.40 billion.

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Stocks were broadly higher in Asia. Shanghai was up about one and a third percent, Australia and the Heng Seng were both up about 1.2% and the Nikkei added one percent. Europe is also up on the day, with the Dax up about 0.6% and the Footsie about a half percent better. US stock futures are up a slight fraction on the day as I write.
*The February reading of UK house prices were down 0.9% on a month on month basis and -2.8% for the last three months annualized, according to Halifax; both results were down more than forecast.

*The February reading of the Employment Situation is due out at 7:30am CST. The Unemployment Rate is expected to rise one tenth on the month to 9.1%; total Non-farm Payrolls are forecast to gain 196k and the estimate for the private sector Payrolls is +200k. The forecast for the Average Hourly Earnings is +0.2% month on month and is figured to be +1.9% annualized. The Average Work Week is expected to come in one tenth more at 34.3 hours. The January reading of Factory Orders is due out at 9:00am CST, it is expected to be +2.0% month on month.

*Fed Vice Chairperson Yellen is set to speak in Paris at 9:00am CST, the topic is “Improving the International Monetary and Financial System”.

*The Fed is scheduled to buy TIPS that are due to mature between 4/15/13 and 2/15/41; the results of the operation will be announced just after 10:00am CST.

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Stocks were generally higher in Asian trade; however Shanghai was an exception with a decline of about a third of a percent. But, the Nikkei was up 0.9%, the Hang Seng added a third of a percent and Australia was up a slight fraction. European indexes are broadly higher, with the Dax and Footsie both currently up about one and a third percent. US stock futures are up at least three quarters of a percent.

*The January reading of Australia’s Trade Balance was a surplus of A$1.88 billion, down a bit on the month, but higher than forecast. Imports were down on the month, but Exports fell more.

*The February reading of China’s Non-Manufacturing Purchasing Managers Index fell sharply, down to 44.1 from 56.4 the month before. Although the pullback is blamed on “seasonal factors” this was the lowest result since February 2009.

*The January reading of German Retail Sales was much stronger than expected, a month on month gain of 1.4%, almost triple the estimate.

*The final February reading of Germany’s service sector PMI was revised down by nine tenths to 58.6; it was 60.3 in January.

*The January reading of Swiss Retail Sales were weak, down 2.6% on a year over year basis, well below the -0.8% annualized figure seen in December.

*The February reading of the UK’s service sector PMI missed the forecast, it was down two points on the month to 52.6, which was one point under the expectation.

*The ECB stands pat on rates. Trichet will tell us all about it at his presser, set to begin at 7:30am CST.

*Chain stores are releasing their February same store sales results this morning, some of the early reports include: Limited Brands +12%; the Bon Ton Stores -0.5%; Freds +0.9%; and the Wet Seal +7.0%.

*The weekly report on Initial Jobless Claims is due out at 7:30am CST, it is expected to be 395k. Also due to be released at 7:30am is the final Q4 reading of Non-farm Productivity, which is forecast to be down three tenths from the initial report at +2.3%; the estimate for Unit Labor Costs is -0.5%, up one tenth from the preliminary result. The February reading of the Non-manufacturing ISM Composite Index is due out at 9:00am CST, it is expected to be down one tenth from the month before at 59.3.

*The weekly report on inventories of Natural Gas is due out at 9:30am CST, it is expected to show a decline of 84 bcf.

*The Treasury is expected to announce at 10:00am CST the details for next week’s auctions of 3 Year and 10 Year Notes, and 30 Year Bonds.

*The Fed is scheduled to buy Treasuries today that are due to mature between 5/15/18 and 2/15/21; the results of the operation will be announced just after 10:00am CST.

*There are a couple of Fed speakers on the calendar today: Minneapolis Fedster Kocherlakota will talk about the labor market and monetary policy at 10:00am CST and Atlanta Fed boss Lockhart is set to talk about the economy at 11:15am CST.

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3 Things To Know Before Trading

Oxford, MS. 3/2/2011 (PennyPayDay). Stocks were generally weaker in Asian trade. The Nikkei was among the worst with a decline of almost two and a half percent, the Hang Seng fell one and a half percent, Australia was down about a half percent and Shanghai was off by a slight fraction. European indexes are also broadly lower on the session; the Dax and Footsie are both lower by about a half percent. However, US stock futures are up a fraction.

*The Q4 reading of Australia’s GDP is +0.7% quarter on quarter basis and +2.7% year on year, both results were on or near the estimates.

*Libya continues to deteriorate, and seemingly move toward civil war.

*US mortgage applications were down 6.5% in the week ended February 25, according to the Mortgage Bankers Association; both categories, Purchase and Refi, fell about the same amount.

*The Challenger Group says there were 50,702 job cut announcements in February, up 12k from the month before and up twenty percent from a year ago.

*ADP is scheduled to release their estimate of the net change in private sector non-farm payrolls at 7:15am CST, it is expected to be +180k.

*Fed boss Bernanke is back on the Hill today; he is slated to begin his semiannual testimony before the House Financial Services Committee at 9:00am CST. There is also some other Fed speak on the calendar today: KC Fed’s Hoenig will speak at 7:00am CST before the Council on Foreign Relations in NYC; Atlanta Fed boss Lockhart will give his economic outlook at 1:15pm CST; and Bernanke will talk about “Challenges for State and Local Governments” at the annual dinner of the Citizens Budget Commission in NYC at 7:00pm CST.

*The weekly report on energy inventories is due out at 9:30am CST. Stocks of Crude Oil are forecast to increase 750k barrels, Gasoline inventories are expected to fall 350k and the estimate for Distillates is -1.5 million.

*The Fed is scheduled to buy Treasuries today that are due to mature between 3/31/15 and 8/31/16; the results of the operation will be announced just after 10:00am CST.

*The Fed’s Beige Book is due out at 1:00am CST.

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Morgan Stanley Hacked by Same Chinese Group who Hacked Google

Morgan Stanley experienced a "very sensitive" break-in to its network by the same China-based hackers who attacked Google Inc's computers more than a year ago, Bloomberg reported, citing leaked emails from an Internet security company. The emails from the Sacramento, California-based computer security firm HBGary Inc said that Morgan Stanley -- the first financial institution identified in the series of attacks -- considered details of the intrusion a closely guarded secret, the report said.

Bloomberg quoted Phil Wallisch, a senior security engineer at HBGary, as saying that he read an internal Morgan Stanley report detailing the so-called Aurora attacks. The HBGary emails don't indicate what information may have been stolen from Morgan Stanley's databanks or which of the world's largest merger adviser's multinational operations were targeted, according to the report. Representatives for HBGary were not immediately available for comment.

A Morgan Stanley spokeswoman declined to comment on whether the bank had been targeted in the Aurora attacks. "Morgan Stanley invests significantly in IT security and manages a robust program to deal with malware and attempted computer compromises," spokeswoman Sandra Hernandez said in a statement emailed to Reuters. Chinese Foreign Ministry spokeswoman Jiang Yu repeated that China opposed any kind of hacking.
"We often hear this kind of story. I don't know if related parties have reported this to the relevant authorities asking China to cooperate," Jiang told a regular news briefing. "We ... will use the law to go after any kind of hacking or crime on the Internet," she added.

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3 Things To Know Before Trading

Stocks were generally higher on the session in Asian trade. The Hang Seng gained 1.4% and the Nikkei and Shanghai added 0.9%, but Australia lost a slight fraction. The same can be said for European indexes, the Dax is currently up about one percent but the Footsie is essentially unchanged. US stock futures are up about a half of a percent.

*The preliminary January reading of Japan’s Industrial Production missed the forecast of +4.0% on a monthly basis, but still rose 2.4% for the month.

*Libya is ongoing and so too are protests in Bahrain.

*The January reading of Japan’s Retail Trade was better than forecast at +0.1%; it had been expected to fall 1.5% from the month before.

*Finn Gael leader Enda Kenny will push for a quick formation of an Irish government after a resounding victory in Ireland’s election and he plans to renegotiate Ireland’s bailout deal, including a lower interest rate on the loans and end the protection for senior bank bondholders.

*The January reading of Germany’s Import Price Index was stronger than expected with a monthly gain of 1.5%.

*There are a couple of Fed speakers on the calendar today. NY Fed boss Dudley will talk about the economic outlook at 7:30am CST and Boston Fed’s Rosengren will participate in a panel discussion about the financial crisis at 7:45am CST.

*The January reading of Personal Income and Spending are due out at 7:30am CST. Income is expected to be +0.4% and the estimate for Spending is +0.4%. The PCE Core inflation measure is forecast to be +0.1% on the month and +0.8% on a year on year basis. The February reading of the Chicago Purchasing Managers Index is due out at 8:45am CST, but three minutes earlier for subscribers. The Chicago Index is expected to fall 1.3 points on the month to 67.5. The January reading of Pending Home Sales is due out at 9:00am CST and is expected to be down 2.3% from the month before.

*The Dallas Fed Manufacturing Index is due out at 9:30am CST, it is expected to rise two points on the month to 12.9.

*The Fed is scheduled to buy Treasuries today that are due to mature on 8/31/13 and 2/15/15; the results of the operation will be announced just after 10:00am CST.

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3 Things you need to know before Trading Today

OXFORD, Mississippi, Feb 25. 2011/PennyPayday.com/ - Stocks were generally higher in Asian trade. The Hang Seng was among the strongest with a gain of 1.8%, the Nikkei was up 0.7% and Australia added more than a half percent, but Shanghai was unchanged on the day. European indexes are also broadly higher on the session with the Footsie up about 0.9% and the Dax up a half percent. US stock futures are up by more than a half percent.

*Libya is ongoing.

*The January reading of Japan’s Consumer Price Index, ex-fresh food, is -0.2% on a year over year basis, up from -0.4% the month before and one tenth higher than forecast. However the February reading of that inflation measure for Tokyo was more deflationary at -0.4%, down twice the result from January.

*German states have been releasing the February reading of their Consumer Price Indexes this morning, including: Saxony +0.5% on the month and +2.2% year on year; Brandenburg +0.6% and +1.8%; Hesse +0.6$ and +1.8% and Bavaria +0.5% and +2.1%. The national CPI report is due out later this morning, it is expected to be +0.5% on a month on month basis and +2.1% year on year.

*The first revision of the UK Q4 GDP was downward. Growth is now said to have fallen 0.6% on a quarter on quarter basis, one tenth worse than previously thought and the annualized rate was revised to +1.5%, the initial report put it at +1.7%.

*The first revision of the US Q4 GDP is due out at 7:30am CST. Headline GDP is expected to be revised up one tenth from the initial report to 3.3%, but the Personal Consumption component is forecast to be taken down a couple of tenths to 4.2%, while the estimate for the Price Deflator is steady at 0.3%. The Core PCE inflation measure is also expected to be unrevised at +0.4%. The final February reading of consumer sentiment from the University of Michigan is due out at 8:55am CST, it is expected to be revised higher by three tenths from the preliminary result to 75.4, it was 74.2 in January.

*Richmond Fed boss Lacker and Fed Governor nominee Diamond will talk about the bank stress tests at a business conference at 9:15am CST. Later on at the same conference, at 12:30pm CST, there will be a discussion on unconventional monetary policy that will include Fed Governor Yellen, ECB VP Constancio, and BOE deputy Governor Bean.

*The Fed is scheduled to buy Treasuries today that are due to mature between 5/15/18 and 2/15/21; the results of the operation will be announced just after 10:00am CST.

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