3 Things to Know Before Trading

Atlanta, GA 7/20/12 (StreetBeat) – Stocks were mostly weaker in Asian trade. The Nikkei was among the worst with a 1.4% loss, Shanghai was down three quarters of a percent and Australia lost a slight fraction. The Hang Seng stood out with a gain of 0.4%. European indexes are down this morning, with the Dax and Footsie both down a bit more than a half percent. US stock futures are lower by a half percent or so as I write.

*Euro Zone Fin Mins completed the agreement on Spain’s bank bailout during a Euro Group conference call today.

*Maybe the Euro Group can schedule another conference call to discuss not Spain’s banks, but Spain’s regional governments; Reuters is reporting that Spain’s Valencia region says it will seek central government help in repaying its debt.

*None of this is helping the euro currency, today it has set record lows against the Aussie and Loonie and it is not far from the two year low against the greenback that was hit a week ago.

*The June reading of Germany’s Producer Price Index is -0.4%, twice the expected monthly decline. The annualized PPI is +1.6%, also a couple of tenths under the estimate and down five tenths from the level seen in May.

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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3 Things to Know Before Trading

Northern, WI 7/19/12 (StreetBeat) – Stocks were mostly higher in Asian trade. Australia was among the best with a gain of two percent, the Hang Seng added one and two thirds percent, the Nikkei was up 0.8% and Shanghai rose 0.7%. European indexes are higher this morning, with the Dax better by one percent and the Footsie up a half of a percent. US stock futures are up by almost a half percent as I write.

*The May reading of Japan’s All Industry Activity Index is -0.3% on a month on month basis, as expected.

*The June reading of Japan’s Nationwide Department Store Sales were -1.2% year on year; the weakest result of the year.

*The June reading of Switzerland’s Trade Balance is a surplus of SF2.25 billion, down from a surplus of SF2.52 billion the month before. Exports were down 2.6% month on month and Imports were lower by 3.1% from the month before.

*The June reading of UK Retail Sales is +0.1% month on month, well short of the estimate of +0.6%.

*Germany’s Bundestag vote on the Spanish bailout is set for today, as it is in Finland; both votes are expected to pass. In regards to Spanish aid, there is a story in the WSJ that says EFSF funds will be used to buy Spanish debt, which is a strategy that could bring a Moody’s downgrade to junk because it would indicate the country has lost access to the private debt markets. An EC spokesman denies the story. Additionally, the Italian Parliament has approved the ESM in a vote this morning.

*Morgan Stanley is among the companies that are reporting on earnings today. MS missed the estimate by a considerable amount with an adjusted eps of 16 cents versus 29 cents expected.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 365k. The July reading of the Philly Fed Business Activity Index is due out at 9:00am CDT, it is forecast to be -8.0, up from -16.6 the month before. There are a couple of more bits of data that are also due out at 9:00am: the June reading Existing Home Sales, expected to be 4.62 million units annualized or up 1.5% on the month; and the June reading of the Leading Economic Indicators, estimated to be -0.1% on the month.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to show an increase of 33 bcf.

*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.

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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3 Things to Know Before Trading

Orlando, FL 7/18/12 (StreetBeat) -- Stocks were mixed in Asian trade. The Hang Seng fell more than one percent, Australia lost 0.4% and the Nikkei was down a third of a percent, but Shanghai rose about a third of a percent. Similar results so far in Europe, with the Dax up a slight fraction and the Footsie essentially unchanged on the session. US stock futures are down about a quarter percent as I write.

*The July reading of Switzerland’s ZEW Survey of Expectations of Economic Growth improved by a point from the month before to -42.5.

*Germany had strong demand at a 2-year Schatz re-opening auction; they sold EU4.173 billion of the paper at a negative 0.06%. The first time Germany has auctioned off one of its bonds at a negative yield.

*German Chancellor Merkel says she is optimistic on this Thursday’s vote in parliament on aid to Spain.

*The Bank of England says the near-term outlook had weakened when they last met to decide on monetary policy, according to the minutes from that meeting and they may reconsider the case for a rate cut after they assess the impact of their QE strategy on the economy.

*The May reading of the UK Unemployment Rate is 8.1%, down one tenth on the month and one tenth under the forecast. However, in June the net change in the number of Jobless Claims was +6.1k, a bit more than expected.

*US mortgage applications were up 16.9% in the week ended July 13, according to the Mortgage Bankers Association. Applications for Refinancing were up 21.6% in the week, but applications for Purchase were down 0.1%.

*Bank of America, Honeywell and Abbott are among the companies reporting their quarterly earnings results today.

*The June reading of Housing Starts is due out at 7:30am CDT. Starts are expected to be 745k on an annualized basis, or up 5.2% from the month before. The estimate for Building Permits is 765k annualized, or down 2.4% from the previous month.

*Bernanke is back on the Hill today at 9:00am CDT to restate his testimony and take questions from the House Financial Services Committee.

*The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to decline 1.1 million barrels, Gasoline inventories are expected to increase 1.2 million and the estimate for Distillates is also +1.2 million.

*The Fed is scheduled to buy Treasuries today that are due to mature between 8/15/20 and 5/15/22; the results of the operation will be announced just after 10:00am CDT.

*The Fed’s Beige Book is set to be released at 1:00pm CDT.

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Atlanta, GA 7/17/12 (StreetBeat) – Stocks were mostly higher in Asian trade. The Hang Seng was among the best with a gain of 1.75%, Australia rose 0.9%, Shanghai added two thirds of a percent and the Nikkei was up a third of a percent. European indexes are mixed, with the Footsie up about a third of a percent and the Dax down by that much. US stock futures are up a third of a percent as I write.

*According to the minutes from the latest policy meeting at the Reserve Bank of Australia, China growth is slowing less than they had earlier expected and there was a little more domestic economic momentum than previously apparent.

*The July reading of the Euro Zone’s ZEW Survey of Economic Sentiment was down a couple points from the month before to -22.3; the weakest result since January.

*The July reading of Germany’s ZEW was down almost three points on the month to -19.6, close to the forecast and the lowest result since January. The ZEW Current Situation Survey was down twelve points on the month to 21.1, well below the expectation for 30.0; the lowest results since July 2010.

*The June reading of the UK’s Consumer Price Index was -0.4% on the month and +2.4% year on year; both results were lower than estimates.

*The Governor of the Bank of Spain says they will set up a single bad bank for toxic assets. CEO Blankfein says “during the second quarter, market conditions deteriorated.” Coca Cola and Johnson and Johnson are Dow components reporting today; both companies beat their estimates by a penny or so.

*Goldman Sachs is among the companies reporting earnings today; they say Q2 eps was $1.78, well above the estimate for $1.18.

*The weekly report on chain store sales from ICSC showed sales were unchanged on a week on week basis for the week ended July 14. The Johnson Redbook report on the same thing is due out at 7:55am CDT.

*The June reading of the Consumer Price Index is due out at 7:30am CDT. Headline CPI is expected to be unchanged on a monthly basis and the estimate for the Core CPI is +0.2% on a month on month basis. The annualized rates are forecast to be +1.6% and +2.2% respectively. The Treasury is set to announce at 8:00am CDT the net change in May of foreign holdings of long-term US securities, it is expected to be an increase of $41.3 billion. The June readings of Industrial Production and Capacity Utilization are due out at 8:15am CDT. Production is expected to be +0.3% on the month and Utilization is forecast to be up two tenths from the month before to 79.2%. The July reading of the NAHB Housing Market Index is due out at 9:00am CDT, it is expected to rise one point on the month to 30.

*Fed boss Bernanke is set to testify at 9:00am CDT before the Senate Banking Committee for his semi-annual report on monetary policy and the economy.

*The Fed is scheduled to sell Treasuries today that are due to mature between 2/15/14 and 8/31/14; the results of the operation will be announced just after 10:00am CDT.

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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3 Things to Know Before Trading

Northern, WI 7/16/12 (StreetBeat) -- Stocks were mixed in Asian trade, though Japan was closed due to a holiday. Shanghai fell one and three quarters percent, but Australia gained more than a half percent and the Hang Seng was up a slight fraction. European indexes are also mixed this morning, with the Dax and Footsie both off by a slight fraction. US stock futures are down about a quarter percent as I write.

*The Q1 reading of Swiss Industrial Production was much stronger than forecast; up 1.4% on a year on year basis but expected to be unchanged.

*The June reading of the Euro Zone Consumer Price Index is -0.1% on a monthly basis, one tenth under the estimate.

*Germany’s Constitutional Court will not rule on the legality of the ESM and fiscal pact until September 12, they said in an email statement today.

*A German government official said earlier today that Spain is liable for European aid to its banks.

*Citigroup is among the firms set to announce their earnings today; Citi says that on an adjusted basis their eps was +$1.00, versus the estimate for +89 cents.

*The July reading of the Empire State Manufacturing Index is due out at 7:30am CDT, it is expected to be 4.00, up from 2.29 the month before. Also due out at 7:30am is the June reading of Retail Sales. Headline Sales is expected to be up 0.2% on a month on month basis, and the estimate for Sales Ex-autos is 0.0% on the month. The May reading of Business Inventories is due out at 9:00am CDT, it is forecast to be +0.2% on the month.

*The Fed is scheduled to buy Treasuries today that are due to mature between 8/15/22 and 2/15/31; the results of the operation will be announced just after 10:00am CDT.

*KC Fed boss Esther George is set to speak on monetary policy and farmland values at 6:30pm CDT.

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Palm Beach, FL 7/13/12 (StreetBeat) -- Stocks were mixed in Asian trade, but the Hang Seng gained a third of a percent and so too did Australia, but the Nikkei and Shanghai were flat on the day. Europe is also mixed this morning, with the Dax up about one percent, the Footsie better by a half percent, while Spain and Italy are lower on the day. US stock futures are up about a third of a percent as I write.

*China reports that their Q2 GDP slowed to 7.6% on a year on year basis; down from 8.1% the quarter before and one tenth under the forecast. The growth rate is the lowest since Q1 2009; more easing is expected. Also overnight were reports on June Retail Sales, 13.7% year on year or a tenth better than expected, and June Industrial Production at 9.5%, which was a few tenths less than the estimate.

*The final May reading of Japan’s Industrial Production was revised down three tenths from the previous release to -3.4% on a month on month basis.

*The June reading of Switzerland’s Producer and Import Prices is -0.3% month on month, a tenth less deflationary than expected, but the year on year rate, -2.2% matched the forecast.

*Moody’s downgraded Italy’s credit rating this morning by two notches to Baa2 from A3, outlook is negative.

*JP Morgan reported a lot of Q2 data this morning; their eps ex-this and that could be +$1.09, or +67 cents; it depends. But the estimate was for a gain of 76 cents. CEO Dimon says there is a Q2 pre-tax loss from the London Whale trade of $4.4 billion, if this is all in addition to the Q1 loss from this trade than the hit thus far is $6 billion, but maybe not. The company also says it will restate Q1 net by $459 million.

*The June reading of the Producer Price Index is due out at 7:30am CDT. The headline PPI is expected to be -0.5% on a month on month basis and the estimate for the Core PPI is +0.2% on the month. The preliminary July reading of consumer sentiment from the University of Michigan is due out at 8:55am CDT, it is forecast to be 73.5, up three tenths from the final June result.

*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.

*Atlanta Fed boss Lockhart is set to speak about the economy at 12:20pm CDT.

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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3 Things to Know Before Trading

Northern, WI 7/12/12 (StreetBeat) -- Stocks were mixed in Asian trade. The Hang Seng fell two percent, the Nikkei was down one and a half percent, and Australia lost 0.7%, but Shanghai was up a half percent. European indexes are generally weak this morning, with the Dax and Footsie both down a bit more than one percent. US stock futures are down by three quarters of a percent as I write.

*The June reading of Australia’s Unemployment Rate was up one tenth from the month before to 5.2%, as was forecast. But in June the net change in Employment was a decline of 27k and this was expected to be unchanged on the month.

*The Bank of Japan surprised the market by expanding its asset purchase fund to Y45 trillion from Y40 trillion, while at the same time they cut the credit lending program by Y5 trillion to Y25 trillion. They kept their overnight target rate steady at 0.0% – 0.10%. The changes to their policy tools were made in order to continue powerful easing, said BoJ Governor Shirakawa. The yield on the 10 Year JGB is down to about 0.76%, the lowest since 2003.

*An ex-judge on Germany’s Constitutional Court, Paul Kirchhoff, warns of Germany drifting into “illegality” if the current dynamics on European decision making continues. “We are playing with fire” he said in an extensive article with Frankfurt’s leading newspaper the FAZ. Private sector losses must not be financed by the state, is one of many points that he makes. It is not clear if this is any indication how the court will rule on the current case involving the ESM and EU., but it is worth noting anyway.

*The May reading of Euro Zone Industrial Production was +0.6% on a month on month basis, well above the forecast for unchanged. Regardless, the dollar/euro has fallen below 1.2200 for the first time in two years; currently down fifty pips at 1.2190.

*The UK sold BP3.5 billion 10 Year Gilts at a yield of 1.719%; a record low yield at auction.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 370k. The June reading of the Import Price Index is also due out at 7:30am; it is forecast to be -1.6% on a month on month basis. The Treasury is set to release their June Budget Statement at 1:00pm CDT, it is expected to show a deficit of $60.0 billion; in June 2011 it showed a $43.1 billion deficit.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to show an increase of 27 bcf.

*The Fed is scheduled to sell Treasuries today that are due to mature between 7/15/13 and 1/31/14; the results of the operation will be announced just after 10:00am CDT.

*The Treasury plans to sell $13 billion re-opened 30 Year Bonds today; the auction results will be announced just after noon CDT.

*San Francisco Fed boss Williams is set to speak at 2:20pm CDT.

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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Shawshank,VA 7/10/12 (StreetBeat) -- Stocks were mixed in Asian trade, but the main indexes were lower. Australia fell a half percent, the Nikkei was down 0.4%, Shanghai slipped 0.3% and the Hang Seng was down a slight fraction. European indexes are strong this morning, with the Dax up one and a third percent and the Footsie is higher by 0.8%. US stock futures are up about a quarter percent as I write.

*China’s National Development and Reform Commission cut the prices of gasoline and diesel earlier today; it’s said to be the third official gasoline price cut in two months.

*The June reading of China’s Trade Balance was a surplus of $31.7 billion, well above the estimate. Exports were up eleven percent from a year ago, but Imports rose just six percent.

*Germany’s Constitutional Court heard arguments for and against the ESM and EU fiscal compact earlier today. Parliament has approved both measures, but the court will now rule on their constitutional legality. The court acknowledged the difficulty in the timing of their decision, worrying that even a temporary injunction could be interpreted by foreign press as “euro rescue halted’. As such they will likely try to have a ruling on injunction within three weeks and a ruling on the constitutionality early next year.

*The May reading of UK Industrial Production was up 1.0% on a monthly basis, much stronger than the forecast for a decline of 0.2%.

*The NFIB Small Business Optimism Index fell sharply in June, down three points to 91.4. The group’s economist said it was an unusually large monthly decline, the biggest drop in two years and he described it as a “pretty poor survey”. The index is now at the lowest level since last October. Eight of the ten components were down on the month.

*St. Louis Fed’s Bullard is in London. He told reporters there that he doesn’t see a deflation risk right now, but he is keeping an eye on it. He thinks monetary policy is appropriate for the current situation, but he told the press there that the Fed would consider more action if the economy worsens, but that he doesn’t see the need for QE3 at this time.

*The weekly report on chain store sales from ICSC showed an increase of 2.0% on a week on week basis for the week ended July 7; sales were up 3.0% in the week when compared to the same week from a year ago. The ICSC credits a high demand for hot weather items such as: ice cream, beverages, air conditioners. The Johnson Redbook report on the same thing is due out at 7:55am CDT.

The July reading of the IBD/TIPP Economic Optimism Index is due out at 9:00am CDT, it is expected to be 46.9, or up two tenths from the month before.

*The Fed is scheduled to buy TIPS today that are due to mature between 7/15/18 and 2/15/42; the results of the operation will be announced just after 10:00am CDT.

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

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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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.

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Palm Beach, FL 7/6/12 (StreetBeat) -- Stocks were mixed in Asian trade. Shanghai rose one percent on the day, but the Nikkei fell two thirds of a percent, Australia was down a quarter percent and the Hang Seng was unchanged. European indexes are mostly lower this morning, with the Dax off by almost a third of a percent but the Footsie is essentially unchanged. US stock futures are down a slight fraction as I write.

*The May reading of Germany’s Industrial Production is +1.6% on a month on month basis, well above the estimate for +0.2%.

*The June reading Switzerland’s Consumer Price Index is -0.3% on a monthly basis, and -1.1% year on year; both results were one tenth more deflationary than forecast.

*The June reading of the UK Producer Price Index was -2.2% on a monthly basis, one tenth lower than forecast.

*There is some unsubstantiated chatter about an impending downgrade for Spain. Concerns for the country get a bit more acute whenever their 10 Year yield rises near seven percent, as it is this morning; up more than twenty-five basis points or so.

*The June reading of the Employment Situation Report is due out at 7:30am CDT. The Unemployment Rate is expected to be steady at 8.2%; the total Non-farm Payrolls are forecast to be +100k and the estimate for the Private Sector is +106k; the Average Hourly Wages is expected to be +0.2% on a monthly basis; and the Average Work Week estimate is steady on the month at 34.4 hours.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to show an increase of 43 bcf.

*The Fed is scheduled to sell Treasuries today that are due to mature between 1/15/13 and 6/30/13; there results of the operation will be announced just after 10:00am CDT.

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Atlanta, GA 7/5/12 (StreetBeat) -- Stocks were mixed in Asian trade on Thursday. Shanghai lost more than one percent and the Nikkei was down a quarter percent, but Australia was unchanged and the Hang Seng rose a half percent. European indexes are mostly higher this morning, with the Dax up three quarters of a percent and the Footsie better by a half percent or so. US stock futures are up a slight fraction as I write.

*China surprised with a rate cut today; the second reduction by the PBOC in a month. The one-year lending rate will fall 31 basis points and the one year lending rate is set to fall by twenty-five basis points; the rate cuts are effective tomorrow. The bank also lowered the floor for bank lending rates to 70% of benchmark rates from 80% previously.

*The May reading of Australia’s Trade Balance was a deficit of A$285 million; a smaller deficit than forecast. Exports were up on the month, but Imports were up more.

*The Bank of England kept its benchmark rate steady at 0.50% but increased the amount of their quantitative easing asset purchase program by BP50 billion to BP375 billion; this was forecast.

*The ECB cut their benchmark interest rate by twenty-five basis point to 0.75% and they cut the Deposit rate to 0% from 0.25%; record lows, but as expected. ECB boss Draghi will tell us all about the meeting at his presser, set to begin at 7:30am CDT.

*The May reading of German Factory Orders was +0.6% on a monthly basis, well above the expected unchanged reading.

*US mortgage applications were down 6.7% in the week ended June 29, according to the Mortgage Bankers Association. The purchase component was up 0.6% on the week, but Refi component fell 8.4% on the week.

*The Challenger Group says that in June there were 37,551 job cut announcements; that is down 24k from the month before and nine percent less than a year ago.

*Chain stores are releasing their June same store sales results this morning, some of the early reports include: Fred’s stores, down 4% versus the same stores from a year ago; Cato -10%; Limited Brands +7%; and Wet Seal-9%.

*ADP is set to release at 7:15am CDT their June estimate for the net change in private sector payrolls; it is expected to be +100k. The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is forecast to be 385k. The June reading of the ISM Non-manufacturing Composite Index is due out at 9:00am CDT, it is expected to be 53.0, down just a bit from the 53.7 result in May.

*The Fed is scheduled to buy Treasuries today that are due to mature between 8/15/20 and 5/15/22; the results of the operation will be announced just after 10:00am CDT.

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Orlando, 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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Atlanta, GA 6/29/12 (StreetBeat) -- Stocks were strong in Asian trade. The Hang Seng was among the best with a gain of more than two percent and the Nikkei rose one and a half percent, while Shanghai and Australia both added more than one percent. European indexes are very well bid this morning, with the Footsie better by one and a half percent, the Dax up more than two and a half percent and Spain better by about three percent. US stock futures are up by one percent or more.

*The May reading of Japan’s Jobless Rate is 4.6%, down two tenths from the month before and one tenth below the forecast.

*The May reading of Japan’s Consumer Price Index ex-fresh food is -0.1% year on year; a tenth under the estimate and down from +0.2% in April. The June reading of that same inflation measure for Tokyo is -0.6% year on year, but that is one tenth less deflationary than expected.

*The preliminary May reading of Japanese Industrial Production is -3.1% month on month, three tenths worse than expected.

*The euro zone announced that they plan on using EFSF/ESM funds to directly support Spanish banks and these loans will not carry senior status. The EU will additionally take steps on establishing a banking union, with preliminary structure for that to be announced in a few months time. As is usually the case with these summit generated plans there is a shortage of available details. Some are significant, such as: the ESM still needs to be ratified by all of the euro area parliaments. Merkel has reiterated her resistance to euro bonds and she must convince her Bundestag that the direct funding of the banks is not a radical departure from the already established ESM guidelines.

*The May reading of German Retail Sales is -0.3% on a monthly basis, missing the forecast for a monthly gain of 0.2%.

*The April reading of Canada’s GDP is due out at 7:30am CDT, it is expected to be +0.2% on a monthly basis and +1.8% year on year.

*The May reading of Personal Income and Spending is due out at 7:30am CDT. Spending is expected to be +0.2% on the month and the estimate for Spending is 0.0% month on month. The headline PCE inflation measure, the Fed’s benchmark, is expected to be 1.5% year on year, down from 1.8% the month before. The Core PCE is forecast to be +0.2% month on month and +1.8% annualized. The June reading of the Chicago Purchasing Managers Index is due out at 8:45am CDT, but three minutes earlier for the subscribers; it is expected to be 52.3, down just a fraction from the month before. The final June reading of consumer sentiment from the University of Michigan is set to be released at 8:55am CDT, it is forecast to be 74.1, or unchanged from this month’s preliminary result.

*The Fed is scheduled to buy Treasuries today that are due to mature between 6/30/18 and 5/15/20; the results of the operation will be announced just after 10:00am CDT. Later on, at 1:00pm CDT, the NY Fed will release next month’s Operation Twist schedule.

*There is a bit of Fed speak on the calendar today, including: NY Fed boss Dudley at 7:30am CDT and St. Louis Fed’s Bullard at 8:05am CDT.

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Orlando, FL 6/28/12 (StreetBeat) -- Stocks were mixed in Asian trade. The Nikkei was among the best with a gain of 1.65%, but Australia was unchanged and the Hang Seng fell 0.8% and Shanghai was about one percent lower. European indexes are also mixed this morning but the Dax and Footsie are both down one percent and three quarters of a percent respectively. US stock futures are down about a third of a percent as I write.

*The May reading of Japanese Retail Trade is +0.7% month on month, more than triple the expected gain.

*The final June reading of the Euro Zone Consumer Confidence was revised lower by two tenths to -19.8.

*The June reading of Germany’s Unemployment Rate is 6.8%, steady from the month before but that result was revised up by one tenth. The net change in the number of unemployed is +7k, but was forecast to be +3k.

*European leadership is set to arrive at their summit in Brussels beginning at 7:15am CDT. The occasional “out of the blue” newswire headline is possible at any time, such as: Merkel says EMU growth package is at the center of today’s agenda and EU source says summit to debate emergency aid to Spain and Italy and Finnish PM says no miracles at summit, must stick to rules.

*UK house prices fell 0.6% on a monthly basis in June, according to Nationwide; a one tenth increase was expected.

*The final reading of the UK Q1 GDP was unrevised at -0.3% on a quarter on quarter basis, but was revised down one tenth to -0.2% on a year on year basis.

*The Supreme Court ruling on the ObamaCare case is expected this morning.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 385k. The final reading of Q1 GDP is also due out at 7:30am CDT; no changes from the previous report are expected: GDP +1.9%; Personal Consumption +2.7%; Price Deflator +1.7%.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to show an increase of 53 bcf.

*The June reading of the Kansas City Fed Manufacturing Activity Index is due out at 10:00am CDT, it is forecast to be 4; it was 9 in May.

*The Fed is scheduled to sell Treasuries today that are due to mature between 11/15/14 and 6/15/15; the results of the operation will be announced just after 10:00am CDT.

*The Treasury plans to sell $29 billion 7 Year Notes today; the auction results will be announced just after noon CDT.

*There are a couple of Fed speakers on the calendar today, including: Cleveland Fed’s Pianalto at 10:30am CDT and Dallas Fed boss Fisher at 6:00pm CDT.

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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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Northern, WI 6/26/12 (StreetBeat) -- Stocks in Asia were generally mixed and little changed. The Hang Seng was up 0.4%, but the Nikkei fell 0.8%, Australia was down a third of a percent and Shanghai was essentially unchanged. The same can be said for European indexes, with both the Footsie and Dax up a slight fraction this morning. US stock futures are up just a bit as I write.

*The weekly report on chain store sales from ICSC showed a gain of 2.0% on a week on week basis for the week ended June 23; but the week’s sales were up only 2.7% versus the corresponding week from a year ago, the smallest sales gain since the end of March. The Johnson Redbook report on the same thing is due out at 7:55am CDT.

*The April reading of the Case/Shiller Home Price Index is due out at 8:00am CDT, it is expected to be -2.50% on a year on year basis. The June reading of Consumer Confidence is due out at 9:00am CDT, it is forecast to be 63.0; it was 64.9 in May.

*The June reading of the Richmond Fed Manufacturing Index is due out at 9:00am CDT, it is expected to be 2, down from 4 the month before.

*The Fed is scheduled to buy Treasuries that are due to mature between 8/15/20 and 5/15/42; the results of the operation will be announced just after 10:00am CDT.

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

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Palm Beach, FL 6/25/12 (StreetBeat) -- Stocks were broadly weaker in Asian trade. Shanghai fell 1.6%, the Nikkei was down 0.7%, while the Hang Seng and Australia were a half percent lower on the session. European indexes are also weaker this morning, with the Dax off 1.8%, the Footsie down 0.7% and Spain is more than two and a half percent lower this morning. US stock futures a down by almost one percent as I write.

*Spain has formally requested the euro zone bank bailout loan, even though they continue to debate is who liable for the repayment of the loan; their ailing banks or the government. Spain’s argument that it should be their banks that are responsible for the loans may be weakened later on today because there is chatter that Moody’s is set to downgrade “almost all” Spanish banks by two to three notches this afternoon. Spain’s 10 Year Bond yield is up about twenty basis points this morning, at about 6.45%.

*The Troika visit to Greece has been postponed for the time being pending the medical conditions of the PM and FinMin, both of whom were hospitalized last week. EU officials say they have received no notification that the Greek leaders will be unable to attend this week’s summit in Brussels.

*Fitch cut the rating on euro area member Cyprus to BB+, or junk, earlier this morning; the outlook is negative says the rating agency.

*There is some anticipation that the US Supreme Court ruling on the ObamaCare case will be announced today.

*The May reading of the Chicago Fed National Activity Index is due out at 7:30am CDT, it is expected to be -0.30, it was 0.11 in April.

*The May reading of New Home Sales is due out at 9:00am CDT. Sales are expected to be 347k units at an annualized pace, or up 1.2% from the month before.

*The June reading of the Dallas Fed Manufacturing Activity Index is due out at 9:30am CDT, it is expected to be -2.0, it was -5.1 in May.

*The Fed is scheduled to sell Treasuries today that are due to mature between 3/15/14 and 10/31/14; the results of the operation will be announced just after 10:00am CDT.

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Northern, 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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Atlanta, GA 6/21/12 (StreetBeat) -- Stocks were divergent in Asian trade. The Nikkei was up 0.8%, but Shanghai fell 1.4%, the Hang Seng was down 1.3% and Australia slipped one percent. European indexes are mixed this morning; the Footsie is down 0.4% and the Dax is flat, but Spain and Italy are both better by 0.9%. US stock futures are essentially unchanged as I write.

*The preliminary reading of China’s manufacturing sector Purchasing Managers Index was down three tenths to 48.1, according to HSBC; it’s at the lowest mark since November.

* Italy’s Monti, France’s Hollande and Germany’s Merkel are scheduled to meet Friday afternoon in Rome.

*Spain sold 2 Year, 3 Year and 5 Year debt earlier today. They were able to sell all they wanted to, but the yields were quite high; for instance, the 3 Year sale delivered a yield of 5.547%, the highest in at least eight years. The first of the audits of Spanish banks, the one done by Wyman and Berger, is set to be released at 10:30am CDT, at which time the Economy Ministry is set to announce the banks’ capital needs. This in turn may be the impetus for Spain to formally request some or all of the EU100 billion loan that was arranged a couple of weekends ago.

*The preliminary June reading of the Euro Zone’s manufacturing sector PMI was three tenths lower at 44.8, matching the forecast at the lowest level since June 2009. The service sector PMI for early June was up one tenth from the month before to 46.8, four tenths more than expected.

*The preliminary June reading of Germany’s manufacturing sector PMI fell five tenths on the month to 44.7, it had been expected to be unchanged from the month before; it is now the lowest since June 2009. Their service sector PMI was down 1.5 points on the month to 50.3, it had been forecast to decline only a slight fraction.

*The May reading of Switzerland’s Trade Balance is a surplus of SF2.48 billion, about double the surplus seen the month before.

*The May reading of UK Retail Sales ex auto fuel was up 0.9% on a monthly basis, a couple tenths better than expected.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 383k. The June reading of the Philly Fed Business Activity Index is due out at 9:00am CDT, it is forecast to be 0.0; it was -5.8 in May. Three others bits of data are also due out at 9:00am: the May reading of the Leading Economic Indicators, expected to be +0.1%; the May reading of Existing Home Sales, forecast to be 4.57 million units annualized or down 1.1% from the month before; and the April reading of the FHFA House Price Index, estimated to be +0.4% month on month.

*The new and as yet unnoticed Markit US PMI Preliminary report is due out at, hey look at us, 7:58am CDT; it is expected to be 53.3, it was 54.0 the month before.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT; it is expected to show an increase of 64 bcf.

*The Treasury is set to announce at 10:00am CDT the details on next week’s sales of 2 Year, 5 Year and 7 Year Notes.

*The Fed is scheduled to buy Treasuries today that are due to mature between 6/30/18 and 5/15/20; the results of the operation will be announced just after 10:00am CDT.

*The Treasury plans to sell $7 billion re-opened 30 Year TIPS today; the auction results will be announced just after noon CDT.

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Palm Beach, FL 6/20/12 (StreetBeat) -- Stocks were mixed in Asian trade. The Nikkei was up a bit more than one percent, the Hang Seng rose a half percent, and Australia added a slight fraction; but Shanghai fell a third of a percent. European indexes are also mixed, with the Footsie better by a half percent and the Dax up a slight bit. US stock futures are up a slight fraction as I write.

*The May reading of Japan’s Merchandise Trade Balance was a larger deficit than forecast at –Y657 billion; Exports were up ten percent from a year ago, but Imports were up almost as much at +9.3%.

*There are reports that Greece has formed a government coalition; an official is quoted as saying that conservative New Democracy Party leader Antonis Samaras is set to be sworn in as PM today.

*The June reading of Switzerland’s ZEW Survey of Economic Expectations fell sharply, down to -43.4 from -4.0 in May; it is the lowest mark since January.

*The April reading of the UK Unemployment Rate was steady on the month at 8.2%, as forecast. The net change in May for the number of Jobless Claims however was +8.1k on the month, but had been expected to decline 4k.

*The Bank of England voted unanimously to keep their key interest rate steady, but the vote was 5 to 4 against doing additional QE at the meeting earlier this month, with BOE boss King on the short end of the vote for the first time since 2009.

*US mortgage applications were down 0.8% in the week ended June 15, according to the Mortgage Bankers Association. Applications for Purchase were down 8.5% on the week, but those for Refi were up one percent.

*The weekly report on energy inventories is due out at 9:30am CDT. Stock 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 +1.0 million.

*Fed Fest today: the FOMC will issue their post meeting statement at 11:30am CDT; the Summary of Economic Projections is due to be released at 1:00pm CDT; Fed boss Bernanke is set to begin his press conference at 1:15pm CDT.

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