*Stocks in Asian trade were mixed, but Shanghai stood out with a gain of more than three percent. The Nikkei was down about 0.9%, the Hang Seng fell 0.4% and Australia lost a fraction. European indexes are little changed at the moment, with the Footsie down one half of a percent and the Dax up by 0.2%. US stock futures are modestly lower as I write.
*The September reading of Foreign Direct Investment in China was +6.1 on a year over year basis, a little above the estimate and better than the August reading of +1.4% year over year which was the lowest growth rate since February.
*The September reading of China Property Prices were up 9.1% from a year earlier; that was down two tenths from the annualized rate from the month before, but above the 8.8% estimate. However, property sales volume rose 52 percent in September from August.
*The final August reading of Japanese Industrial Production was revised down two tenths to -0.5% month on month.
*GE reports Q3 eps of +29 cents; two cents better than the estimate. However Q3 Revenues were $ 35.89 billion which was below the forecast for $ 37.37 billion.
*The Atlanta Fed’s Lockhart is scheduled to talk about monetary policy and the outlook for the US economy at 7:00am CDT.
*Fed Chairman Bernanke is scheduled to speak on “Monetary Policy Objectives and Tools in a Low-Inflation Environment” at a Boston Fed conference at 7:15am CDT. The speech is expected to offer clues on the subject of additional quantitative easing by the Fed.
*There are three economic statistics due to be released at 7:30am CDT. The September reading of the Consumer Price Index is expected to be +0.2% on a month on month basis and the Core rate estimate is +0.1%. The year over year readings for these inflation measures are anticipated to be +1.2% and +0.9% respectively. The September reading of Retail Sales is forecast to be +0.4% on a monthly basis and Sales ex-autos is expected to rise 0.3%. The October reading of the Empire State Manufacturing is expected to increase about two points to 6.00. The preliminary October reading of consumer sentiment from the University of Michigan is due out at 8:55am CDT, it is forecast to be 68.9, up fractionally from September. The August reading of Business Inventories is due out at 9:00am CDT and is expected to be +0.5%. The Treasury will release its September Budget Statement at 1:00pm, it is expected to be a deficit of $ 32.0 billion, better than the $ 46.6 billion deficit seen in September 2009.
*The Fed is scheduled to buy Treasuries today that are due to mature between 10/31/14 and 9/30/16; the results of the operation will be announced just after 10:00am CDT.
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