3 Things to Know Before Market Open

Stocks had mixed results in Asia overnight. The Nikkei was up almost one percent, while Australia and Shanghai were higher by about 0.3%, but the Hang Seng lost a small fraction. European indexes are generally little changed at the moment, with both the Footsie and the Dax up a fraction. US stock futures are up by about one third of a percent.

*The July reading of Japan’s Jobless Rate was down one tenth on the month to 5.2%, a steady reading was the forecast. Overall Household Spending was +1.1% on a year over year basis, up from June but below the estimate of +1.5%.

*The July reading of Japan’s Consumer Price Index, ex-fresh food, is -1.1% on a year over year basis, matching the forecast. The August reading of that same inflation measure for Tokyo is also -1.1% year over year, less deflationary than the expected -1.2%.

*The July reading of Germany’s Import Price Index -0.2% on a month on month basis, a decline of -0.4% was the forecast.

*German states have been releasing the August reading of their Consumer Price Index this morning, some of the results include: Saxony 0.0% month on month and +1.1% year on year, Hesse +0.1% and +0.7%, Bavaria +0.1% and +1.1% and North Rhine Westphalia +0.2% and +1.0%. The national CPI is due out later this morning, it is expected to be +0.1% on a month over month basis and the estimate for the annualized rate is +1.1%.

*The August reading of the KOF Swiss Leading Indicator is 2.18, that is down from 2.22 in July and the second small decline in a row.

*The Q2 reading of the UK’ s GDP was revised up one tenth to +1.2% on a quarter on quarter basis.

*The first revision of the Q2 GDP is due out at 7:30am CDT. Growth is expected to be revised down to +1.4% on a quarter on quarter annualized basis, it was originally reported to be +2.4%. The Q2 reading of Personal Consumption is expected to be unrevised at +1.6% and so too is the GDP Price Deflator forecast to be steady from the initial report of +1.8%. Also, the estimate for the Q2 annualized PCE Core inflation measure is unrevised at +1.1%. The final August reading of consumer sentiment from the University of Michigan is due out at 8:55am CDT, it is expected to be 69.6, unchanged from the preliminary result.

*Fed boss Bernanke is the highlight of the Fed fest at Jackson Hole, Wyoming today; he is scheduled to speak at 9:00am CDT. The topic is “The Economic Outlook and the Federal Reserve’s Policy Response”.