5 Things You Need To Know Before Trading

5 Things You Need To Know Before Trading

5 Things You Need To Know Before Trading

Stocks had mixed results in overnight trade in Asia. The Hang Seng was up a third of a percent, but the Nikkei and Australia lost about 0.7% each and Shanghai, open for the first time this week, was down about 0.4%. European indexes are however higher across the board with the Footsie currently up by about three quarters of a percent and the Dax holding a gain of a bit more than a half percent. US stock futures are higher by a bit less than a half percent.

*There was some official pushback from China on the exchange rate of the Yuan, the gist of it being that currency is currently overvalued not undervalued and that in any case the upcoming G20 meeting in Toronto next week is not the appropriate place to discuss the situation.

*The Swiss National Bank kept their key interest rate target steady at 0.25%; no one expected anything different.

*The Q1 reading of Swiss Industrial Production was -7.8% on quarter on quarter basis, it had been expected to be -7.0%.

*Leaders of all 27 EU countries are meeting in Brussels today; topping the agenda is budget discipline and economic policy coordination. In a related story the Financial Times Deutschland reports today that Germany has flip flopped on the release of the results of the European bank stress tests. There was intense opposition of German financial institutes to publishing the test data, but the word is now that Berlin is in favor of revealing the results. It should be noted that these stress tests were conducted last year and there has been a lot of water under the bridge since then.

*The May reading of UK Retail Sales were stronger than forecast, rising 0.6% on a month on month basis.

*The May reading of the Consumer Price Index is due out at 7:30am CDT. The headline CPI is expected to fall 0.2% on the month and the estimate for the Core CPI is +0.1%. The year over year forecasts are +2.0% and +0.9% respectively. Two other bits of data are also due out at 7:30am: the weekly report on Initial Jobless Claims, which are expected to be 450k and the Q1 reading of the Current Account Balance, which is estimated to be -$121.9 billion. The June reading of the Philly Fed Business Activity Index is due out at 9:00am CDT, it is forecast to be 20.0, down from the May result of 21.4. Also due out at 9:00am is the May reading of the Leading Economic Indicators, expected to be +0.4%.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to be an increase of 89 bcf.

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