3 Things to Know Before the Market Opens

in Reading

Stocks followed divergent paths in Asian trade overnight. Shanghai rose 1.7%, but the Hang Seng was unchanged, Australia lost 1.3% and the Nikkei was off two percent. European indexes are for the most part moderately lower, with the Footsie currently off by 0.2% and the Dax down 0.3%. US stock futures are fractionally lower.

*The August reading of Japan's Retail Trade was +1.4% on a month on month basis, below the forecast of a gain of 1.9%.

*The preliminary August reading of Japan's Industrial Production was way off the estimate, it fell 0.3% on the month but had been expected to rise 1.1%.

*Japan's Ministry of Finance said in Tokyo today that for the period from August 28 through September 28 they sold Y2.12 trillion (or $25 billion) in FX intervention, most, likely all, was on September 15 when they conducted a high profile action to move the yen lower in value versus the dollar and by proxy, the Yuan as well.

*The September reading of Germany's Unemployment Rate beat the street, falling one tenth to 7.5%. The net change in the number of Unemployed was -40k, twice the decline that was forecast.

*UK house prices rose 0.1%  in September, according to Nationwide; prices had been expected to fall 0.3%.

*Janet Yellen and Sarah Bloom Raskin were both confirmed as Fed Governors last night by the Senate, Yellen as vice-chairperson. The third nominee Peter Diamond is still involved in the process and will probably not get voted on until after the election.


*The final revision to Q2 GDP is due out at 7:30am CDT. Growth is expected to be steady at +1.6% and so too are Personal Consumption and the Price Deflator at +2.0% and +1.9% respectively. Also, the PCE Core rate is not expected to differ from the previously reported +1.1%. The weekly report on Initial Jobless Claims is also due out at 7:30am, it is forecast to be 460k. The September reading of the Chicago Purchasing Managers Index is due out at 8:45am CDT, three minutes earlier for subscribers. The Chicago Index is expected to fall one point on the month to 55.7.

*Busy day for Fed boss Bernanke. He will testify before the Senate Banking Committee at 9:00am CDT; the hearing is titled "Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act"; text of testimony was released yesterday afternoon and has no market implications. He will then speak at a town hall meeting with educators at 1:30pm CDT.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to show an increase of 68 bcf.

*The Fed is scheduled to buy Treasuries today that are due to mature between 2/15/21 and 8/15/40; the results of the operation will be announced just after 10:00am CDT.

*The September reading of the Kansas City Fed Production Index is due out at 10:00am CDT, no estimate available.

*Cleveland Fed's Pianalto will participate in a panel discussion in NYC at 5:00pm CDT; the topic is vital economic issues confronting the new Congress.


For more information visit


Author Box
Ronald Russo has 12469 articles online and 12 fans

WorldMarketMedia.com (The Global Online Investment Community) is a high traffic stock market, news data website providing cutting edge new media products and services to publicly traded companies worldwide. Our Editor's Desk authors insightful real-time coverage on the economy, the capital markets and their listed companies.

Add New Comment

3 Things to Know Before the Market Opens

Log in or Create Account to post a comment.
Security Code: Captcha Image Change Image
This article was published on 2010/10/01