The Day Ahead

Lou Brien |

*Stocks were mostly lower in Asian trade. The Nikkei fell 2.7%, Australia was down one and a half percent and the Hang Seng slipped 0.6%; Shanghai was an exception, it rose two percent. European indexes are on offer this morning, with the DAX down 2.6% and the Footsie off by 1.7% at the moment. US stock futures are moderately higher as I write.

*At least seven are dead, and others injured after an attack involving explosions and gunfire near a popular shopping mall in the Indonesian capital of Jakarta. No group has taken responsibility for the violence, but Indonesian officials say they recently received warnings that an attack by a group related to ISIS was being planned.

*The December reading of Australia’s Unemployment Rate is 5.8%; steady from the month before, but a tenth lower than the forecast. In December the net change in the number of Employed was -1.0k, a smaller drop than expected.

*The December reading of Japan’s Producer Price Index is -0.3% on the month and -3.4% on the year; both results were a tenth less deflationary than the estimates.

*In 2015 Germany’s non-seasonally adjusted GDP was 1.7%, a tenth higher than 2014.

*The Bank of England held steady on rates and stimulus at their meeting today, noting in particular a weaker inflation and GDP outlook. The vote was 8 to 1 to stand pat on rates, with Ian McCafferty voting in favor of a rate hike.

*The ECB account of their last policy meeting shows that some Governing Council members wanted a larger cut to the deposit rate and an increase to the amount of asset purchases; but others, as it turns out, didn’t see the case for it.

*The weekly report on Initial Jobless Claims is due out at 7:30am CST, it is expected to be 275k. Also due out at 7:30am is the December reading of the Import Price Index, it is forecast to be -1.3% on the month and -8.4% on the year. Additionally, the Philly Fed is going to release some revisions to their monthly report on business activity at 7:30am.

*The weekly report on Natural Gas inventories is due out at 9:30am CST, it is expected to show a decrease of 177 bcf.

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

*St. Louis Fed boss Bullard is scheduled to speak at 8:15am CST.

*JP Morgan reports that after a lot of plusses and minuses, such as the cost of litigation they beat the street with their quarterly earnings per share result; $1.40 is the number. Intel is among the other companies also due out with earnings today; they report after the close.

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