*Stocks were little changed in Asian trade. The Nikkei and Australia were down about a quarter percent, while the Hang Seng and Shanghai both gained a slight fraction. European indexes are generally higher on the day, with the Dax currently up about a half percent and so toois the Footsie. US stock futures are about unchanged as I write.
*The Reserve Bank of Australia thinks growth there will be at or above trend in coming years and higher rates are likely if that proves to be the case, according to the minutes of their latest policy meeting. They also say that prospects in resource sector is “especially positive”, but conditions have cooled in the housing market.
*The final July reading of Japan’s Leading Economic Index was revised higher by almost two points to 100.0, but that was still down three tenths from the month before.
*The August reading of Switzerland’s Balance of Trade showed a surplus of SF570 million, well below the SF2.9 billion surplus seen in July. Exports were down 1.4% on the month while Imports were up 9.1% from the month before.
*The weekly report on chain store sales from ICSC showed a decline of 1.4% on a week to week basis for the week ended September 18; that’s the biggest weekly drop in two months, but sales were up 3.3% when compared to the same week from a year ago and that’s the best gain in a month. The Johnson Redbook report on the same thing is due out at 7:55am CDT.
*The August reading of Housing Starts is due out at 7:30am CDT. Starts are forecast to be at an annualized rate of 550k, or up 0.7% from the month before, and the estimate for Building Permits is 560k, up 0.2% on the month.
*The FOMC rate announcement is due out right around 1:15pm CDT. The key to the statement will be any comments concerning additional Quantitative Easing, such as an immediate reintroduction of the strategy or a hint that they are willing to go down that road if conditions warrant such a move.
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