Stocks were generally weak in Asian trade. The Nikkei fell 2.3% and Australia was down 1.2%. Shanghai and Hong Kong are among the markets that remain closed for the New Year. European indexes are well bid this morning, with the DAX up 2.3% and the Footsie better by one percent at the moment. US stock futures are up about one percent , give or take, as I write.
*The January reading of Japan’s Producer Price Index is -0.9% on the month and -3.1% on the year; the results were two tenths and three tenths more deflationary than forecast.
*Chatter amongst the chattering classes is that the ECB might consider buying bank stocks as part of its QE purchases…maybe corporate debt?!?...just chatter, possibly started by someone long Deutsche Bank?
*The December reading of French Industrial Production is -1.6% on the month and -0.7% on the year; both results were more than two points weaker than expected.
*The December reading of UK Industrial Production is -1.1% on the month and -0.4% on the year; both results were more than one point weaker than the estimates.
*US mortgage applications were up 9.3% in the week ended February 5, according to the Mortgage Bankers Association. Applications for Purchases were up just 0.2%, but those for Refinancing were up 15.8%.
*Fed Chair Yellen appears before House Financial Services Committee today for the semi-annual testimony on monetary policy and the economy. Her text will be released at 7:30am CST, but her testimony is not scheduled to begin until 9:00am CST.
*The weekly report on energy inventories is due out at 9:30am CST. Stocks of Crude Oil are forecast to increase 2.85 million barrels, Gasoline inventories are expected to rise 1.0 million and the estimate for Distillates is -1.1 million.
*The Treasury plans to sell $23 billion 10 Year Notes today; the auction results will be announced just after noon CST.
*SF Fed boss Williams set to speak in LA at 12:30pm CST.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer