Things To Know Before The Open

Stocks in Asia had mixed results

Stocks in Asia had mixed results. The Hang Seng rose 1.2% and the Nikkei was up two thirds of a percent, but Australia lost a half percent and Shanghai was essentially unchanged on the session. European indexes are generally lower with both the Footsie and Dax currently lower by about 0.3%. US stock futures are unchanged.

*China is making some moves to cool its property market. They will speed up the property tax trial and will expand the test nationwide gradually. The government has also asked commercial banks to suspend offering loans to buyers of third homes and to raise the deposit requirement to 30 percent or higher.

*The September reading of the HSBC Manufacturing Purchasing Managers Index for China was up one point on the month to 52.9.

*The Q3 reading of Japan's Tankan Large Manufacturing Index rose to 8, up from 1 in Q2 and one point higher than expected, but survey respondents are concerned about the rising value of the Yen and think sentiment will sour by year end.

*The September reading of the KOF Swiss Leading Indicator fell just a bit to 2.21, said to be the result of concern about a strong currency as well.

*In August there were 47.4k mortgage approvals in the UK, according to the Bank of England, down about one thousand from the month before but a bit better than forecast.

*US mortgage applications were down 0.8% in the week ended September 24, according to the Mortgage Bankers Association, the fourth consecutive weekly decline. But for the first time in three weeks applications for purchase rose, +2,4%, but Refis were off 1.6%.

*The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to fall 700k barrels, but Gasoline inventories are expected to rise 300k and the estimate for Distillates is +325k.

*Three Fed speakers are on the calendar today. Minneapolis Fed's Kocherlakota will speak in London at 9:15am CDT on the economic outlook and monetary policy. Philly Fed boss Plosser will offer his views on inflation, the labor market and housing at 11:30am CDT in New Jersey. And Boston Fed's Rosengren will speak to the Forecasters Club of New York at 12:15pm CDT, no topic has been announced.

*The Treasury plans to sell $29 billion 7 Year Notes today; the results will be announced just after noon CDT.

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Things To Know Before The Open

By: Ronald Russo

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