5 Things to Know Before Trading Today

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*Stocks were mixed in Asian trade. The Hang Seng gained 0.4%, but Shanghai was lower by 0.7% and the Nikkei and Australia were down a slight fraction. European indexes are broadly higher on the session, with the Dax and Footsie both currently higher by about 0.8%. US stock futures are up by about a half percent.

*China released several bits of data overnight, all measured on a year over year basis, including: the Q3 reading of GDP was one tenth higher than forecast at +9.6%, down from +10.3% the previous quarter; the September reading of the Producer Price Index was unchanged on the month at 4.3%, but that was two tenths more than expected; the September reading of the Consumer Price Index was up one tenth on the month at 3.6%, matching the forecast; the September reading of Retail Sales at 18.8% was three tenths higher than expected and up four tenths from the month before; and the September reading of Industrial Production was the one negative surprise, it fell six tenths from the month before to 13.3% and that was seven tenths below the estimate.

*The preliminary October reading of Germany's manufacturing sector Purchasing Managers Index is 56.1, up one point from the month before and well above the estimate of 54.6; and the service sector PMI is 56.6, up from 54.9 in September and better than the forecast that called for a steady reading.

*The September reading of Switzerland's Balance of Trade showed a 3.8% decline in exports, reflecting the strength of the Franc and slower growth in parts of Europe, but imports fell more on the month, and that caused a larger trade surplus than expected at SF1.69 billion.

*The October reading of the Swiss ZEW survey of Expectations of Economic Growth fell sharply from -5.1% down to -27.5% , according to Credit Suisse; the lowest result since April 2009.

*The September reading of UK Retail Sales were -0.2% on month on month basis, missing the forecast for a gain of 0.3%.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 455k. The October reading of the Philly Fed Business Activity Index is set to be released at 9:00am CDT, it is forecast to rise to +2.0 from a September result of -0.7. Also due out at 9:00am is the September reading of the Leading Economic Indicators, which is estimated to be +0.3%.

*St. Louis Fed boss Bullard is scheduled to speak at a conference on monetary policy being hosted by his bank at 9:00am CDT.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to show an increase of 88 bcf.

*The Treasury is at 10:00am CDT expected to announce the details for next week's auctions of 5 Year TIPS, 2 Year Notes, 5 Year Notes and 7 Year Notes.

*Kansas City Fed's Hoenig is scheduled to give a speech on the economic outlook at 8:45pm CDT.



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Ronald Russo has 1 articles online

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This article was published on 2010/10/22