6 Things To Read Before Trading Today
6 Things To Read Before Trading Today
Asian trade was mixed but most of the key indexes showed a gain. The Nikkei and Shanghai both rose a fraction, the Hang Seng gained a half percent and Australia added about 1.3%. But European indexes are generally lower, with the Dax and Footsie both currently trading down about 0.9%. US stock futures are fractionally higher as I write. The preliminary April reading of Japan's Leading Economic Index fell a couple of tenths to 101.7 from a revised lower result the previous month, it had been expected to be 102.5.
The April reading of the German Balance of Trade was a smaller surplus than forecast at EU13.4 billion. On a year over year basis both Exports and Imports declined on the month but are up on a year over year basis.The April reading of German Industrial Production was +0.9% on a monthly basis, a couple of tenths better than expected.
The May reading of Switzerland's Jobless Rate was unchanged on the month at 4.0%, it had been forecast to fall one tenth.The May reading of Switzerland's Consumer Price Index was -0.1% on a month on month basis and +1.1% on a year over year basis; both results were one tenth below the forecast.
At an interview event last night Fed boss Bernanke says the economy is in recovery and it will become sustainable but that it just won't feel very good. He also said that the Fed can't wait for unemployment to fall all the way to a level considered to be full employment or to wait for inflation to be normal before it raises rates.
The NFIB Small Business Optimism Index rose 1.6 points on the month to 92.2, more than a point above the forecast. That's a twenty month high but still at a level that in the past has been associated with recession troughs.
The weekly report on chain store sales from ICSC showed an increase of 0.8% on a week to week basis for the week ended June 5; sales were up 3.0% for the week when compared to the same week from a year ago. The Johnson Redbook report on the same thing is due out at 7:55am CDT.
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