3 Things to Know Before the Open

*Stocks were generally lower in Asian trade. The Nikkei lost 1.6%, the Hang Seng was down 0.9% and Australia dropped two thirds of a percent, but Shanghai managed a slight gain. European indexes are mostly higher on the day, but not by much; the Footsie and Dax are both currently higher by a quarter percent. US stock futures are higher by about a quarter to a half percent as I write.

*The August reading of Australia’s Westpac Leading Index was -0.1%, that is down from +0.3% the month before the second negative reading in three months.

*The September reading of the German Producer Price Index was +0.3% on a month on month basis, one tenth higher than forecast.

*The Bank of England voted 7 – 1 – 1 to keep rates steady and maintain their bond purchase plan at BP200 billion , according to the minutes from their latest policy meeting. Andrew Sentance wanted to raise the key rate by 0.25%, but Adam Posen voted to hike the bond purchase plan by BP50 billion. Although the policy committee thought the CPI risk in either direction remained great, but that at the current time there was no evidence compelling enough to change policy in either direction.

* UK Chancellor of the Exchequer George Osborne is presenting the government’s Comprehensive Spending Review to parliament. “Today is the day when Britain steps back from the brink” he said as he delivered the details of Cameron’s austerity budget.

*US mortgage applications were down 10.5% in the week ended October 15, according to the Mortgage Bankers Association. Both key components, Refis and Purchases, were lower from the week before.

*The weekly report on energy inventories is due out at 9:30am CDT. Stocks of Crude Oil are forecast to increase 1.5 million barrels, but Gasoline inventories are expected to fall 1.5 million and the estimate for Distillates is -1.0 million.

*The Fed is scheduled to buy TIPS today that are due to mature between 1/15/11 and 2/15/40; the results of the operation are due to be announced just after 10:00am CDT.

*Philly Fed boss Plosser is scheduled to speak about “Incentives and Regulation” at 11:45am CDT and later on, at 3:00pm CDT, Richmond Fed’s Lacker will talk about the US economic outlook.

*The Fed’s Beige Book is scheduled to be released at 1:00pm CDT.