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European and U.S. Markets Seeing Mild Pressure Ahead of the Open

Morning Notes 2.11.11

-Global indices are mixed
-Not much news to serve as catalysts for the markets so far
-China’s markets were up small
-Nikkei was closed for a national holiday (National Foundation Day)
-S.Korea announced it would leave rates unch’d, which came as somewhat of a surprise
-European bourses are down this morning, with tech stocks leading the way to the downside
-Note that NOK announced a partnership w/ MSFT along with company restructuring, and it is trading down nearly 10% in the pre
-UK PPI numbers came in higher than expected (+1.7% after a 3.4% increase in December)- pound is lower as a result
-After rally in oil yesterday after Mubarak’s speech, the commodity has pulled back to the flat line- may be due to reports that Suez Canal will not be impacted by a laborers’ strike
-Dollar is seeing a lift while euro
-December Trade Balance: -$40.6B vs. -$40.4B; prior was -$38.3B
-Future unaffected by the Trade Balance data release
-Last item on economic calendar for today is the U.Mich Confidence number at 9:55a (survey calls for 75 and prior was 74.2)
-S&P futures are down about 4 handles from FV ahead of the bell



Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.