6 Things To Read Before Trading Today

From the Desk of Lou Brien:

1. Stocks were weak across Asia in Monday’s trading. The Nikkei lost almost four percent, Australia was down 2.8%, the Hang Seng was two percent lower and Shanghai was down 1.6%. European stock indexes are fractionally lower, but well off the overnight low and US stock futures are fractionally higher as I write, but also well off the overnight low.
2. The dollar/euro is essentially unchanged from late Friday; after trading below 1.1900 last night, a new low for the move, the cross is now trading around 1.1960; euro/yen fell to almost 108.00 last night, a nine year low, but this is now trading close to 110.00. The euro recovery is in part due to comments out of Hungary that says the comparison with that country to Greece is grossly overstated. On the other hand, the German Constitutional Court is weighing the possibility of imposing an interim order against Germany’s participation in the EU750 billion EU/IMF rescue package, but according to Der Spiegel magazine, the government says such an order could lead to a “self-fulfilling expectation of default” by fiscally challenged member states.
3. The April reading of German Factory Orders was much better than forecast, this rose 2.8% on a monthly basis, it was expected to fall 0.4%.
4. San Francisco Fed boss and soon to be Vice Chairperson of the Fed Board Yellen is scheduled to give opening remarks at her bank’s annual conference on Asian banking and finance at 1:30pm CDT.
5. The April reading of Consumer Credit is due out at 2:00pm CDT, it is expected to be a decline of $2.0 billion.
6. Fed boss Bernanke is set to give an “open interview” to ABC News journalist Sam Donaldson at a dinner hosted by the Woodrow Wilson International Center for Scholars at 6:55pm CDT.