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Overnight Trading News (Pre-Open Stuff You Need to Know)

Written by: Andy Dufrane | July 14th, 2010

*Stocks had a bid across Asia overnight. The Nikkei led the way with a gain of 2.7%, Australia was up almost 1.9%, while the Hang Seng and Shanghai were each up about three quarters of a percent. Europe is down fractionally across the board, with the Footsie down about 0.7% and the Dax off by a tenth or two. US stock futures are fractionally higher.

*The July reading of the Australian Consumer Confidence Index jumped eleven percent from the month before to 113.1, according to Westpac.

*The May reading of the UK Unemployment Rate  was down one tenth to 7.8%, better than the forecast that called for the rate to remain at 7.9%. In June the net changed in the number of jobless claims fell 20.8k, close to the expectation.

*US mortgage applications fell 2.9%  in the week ended July 9, according to the Mortgage Bankers Association. Once again the component that tracks applications for purchase was down, this time by 3.1%.

*The June reading of Retail Sales is due out at 7:30am CDT. Headline sales are expected to fall 0.3% on a month on month basis and sales ex-autos are forecast to drop 0.1% from the month before. Also due out at 7:30am is the June reading of the Import Price Index, the estimate is for a decline of 0.4% on a monthly basis. The May reading of Business Inventories is due out at 9:00am CDT, it is expected to be +0.2%.

*The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to decline 1.5 million barrels, Gasoline inventories are expected to rise 350k and the estimate for Distillates is +1.05 million.

*The Treasury plans to sell $13 billion re-opened 30 Year bonds today, the results will be announced just after noon CDT.

*The Fed is scheduled to release the minutes from the June FOMC meeting at 1:00pm CDT.

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Andy Dufrane | All PPD Posts, Penny Stock Update | 07 14th, 2010 |

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