Stocks were mixed in Asian trade. The Nikkei, Australia and Hang Seng were all fractionally higher while Shanghai fell a quarter percent. European indexes are generally higher on the session with the Footsie higher by more than one percent and the Dax currently up by about three quarters of a percent. US stock futures are up more than a half percent.
*The Reserve Bank of Australia unexpectedly increased their cash target rate by a quarter point to 4.75% earlier today, calling the move the prudent thing to do. The forecast was for them to hold steady on policy. The Australian dollar is trading strongly after the rate hike, at par to the US buck as I write.
*The final October reading of Germany’s manufacturing sector Purchasing Managers Index was revised up a half point to 56.6, it was expected to be unchanged.
*The weekly report on chain store sales from ICSC showed sales up 0.1% on a week on week basis for the week ended October 30. The Johnson Redbook report on the same thing is due out at 7:55am CDT.
*The two day FOMC meeting begins today, but there will be no statement until tomorrow.
*The US mid-term elections are today; not likely there will be any results announced until early this evening.
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