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7 Things To Read Before Trading Today

From the Desk of Lou Brien:
  1. Stocks in Asia were generally higher, the Nikkei and Australia both gained more than one percent and the Hang Seng rose a small fraction, but Shanghai was down 0.8%. European indexes are also generally higher on the day, both the Footsie and Dax currently have a gain of about 0.5%. US stock futures are trading higher by about one percent as I write.
  2. The May reading of Australia’s Unemployment Rate was down two tenths from the month before to 5.2%, it had been expected to be steady. The number of employed rose almost 27k, about seven thousand more than forecast.
  3. The May reading of China’s Balance of Trade was a much bigger surplus than forecast as exports gained 48% on a year over year basis, the biggest increase in six years. Shipments to the EU were up fifty percent from a year earlier and exports to the US were up 44% in that time.
  4. The final Q1 reading of Japan’s GDP was revised up to 5.0% on an annualized basis, a tenth up from the previous report and better than forecast. The Q1 GDP Deflator was revised up a couple tenths to -2.8% on a year over year basis.
  5. The final May reading of Germany’s Consumer Price Index was unrevised at +0.1% and +1.2%. The Bank of England kept rates steady at the record low 0.50% and maintained their asset purchase plan at BP200 billion. The ECB kept rates steady at 1.00%. Trichet will tell us all about it at his presser, set to begin at 7:30am CDT.
  6. The April reading of the US Trade Balance is due out at 7:30am CDT, it is expected to be a deficit of $41.0 billion. Also due out at 7:30am is the weekly report on Initial Jobless Claims, it is forecast to be 450k. The Treasury will release its Monthly Budget Statement at 1:00pm CDT, it is expected to be a deficit of $140.0 billion.
  7. The weekly report on inventories of Natural Gas is due to be released at 9:30am CDT, it is expected to be an increase of 93 bcf. The Fed is expected to release its quarterly statistical report, The Flow of Funds, at 11:00am CDT. The Treasury plans to sell $13 billion re-opened 30 Year Bonds today, the results will be announced just after noon CDT.

Disclosure: no positions