- Stocks were mixed in Asia. The Nikkei fell one percent, Australia was up a fraction, the Hang Seng rose two thirds of a percent and Shanghai led the way with a gain of 2.8%. European indexes are generally higher, but nothing much; the Dax is currently up by a third of a percent and the Footsie is up just a fraction. US stock futures are up by about a third of a percent as I write.
- The April reading of Japan’s Machine Orders was twice the expected increase, it was up 4.0% on a month on month basis.
- US mortgage applications were down 12.2% in the week ended June 4, according to the Mortgage Bankers Association. Applications for purchase were down for the fifth week in a row, falling by 5.7% in the latest week. The April reading of Wholesale Inventories is due out at 9:00am CDT, it is expected to be +0.5%.
- Fed boss Bernanke is scheduled to testify before the House Budget Committee at 9:00am CDT, his topic is economic and financial conditions and the federal budget. Bernanke will also make an appearance at a Richmond Fed Employment Conference at 3:00pm CDT.
- The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to fall 900k barrels, Gasoline inventories are expected to decline 500k and the estimate for Distillates is +500k.
- New York Fed executive vice president of the Markets Group Brian Sack will give a talk to the New York Association for Business Economics at 11:00am CDT. The Treasury plans to sell $21 billion re-opened 10 Year Notes today, the results will be announced just after noon CDT. The Fed will release the Beige Book at 1:00pm CDT.
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Disclosure: no positions