Things To Read Before Trading Today

Things To Read Before Trading Today

Things To Read Before Trading Today

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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