Overnight Trading News

Stocks in Asia were generally weak overnight. The Nikkei and Hang Seng both dropped about one percent, Shanghai lost 0.6% and Australia was down a slight fraction. European indexes are little changed at the moment, with the Footsie off by a quarter percent and the Dax up by one tenth of a percent. US stock futures are essentially unchanged.

*German states are releasing the September readings of their Consumer Price Index this morning, some of the reports include: Saxony +0.1% on a month on month basis and +1.5% year over year; Br4andenburg -0.3% and +1.0%; Hesse -0.1% and +1.1%; and Bavaria -0.3% and +1.4%. The national CPI report is due out later this morning; the EU Harmonized version is expected to fall 0.2% on a month on month basis and +1.3% on a year over year basis.

*The final reading of the UK’s Q2 GDP was unrevised at +1.2% on a quarter on quarter basis.

*There continues to be some discussion this morning about the WSJ article out yesterday afternoon that says the Fed is considering an incremental approach to further quantitative easing rather than announcing a predetermined amount; it is a strategy that is favored by St. Louis Fed boss Bullard in particular.

*The weekly report on chain store sales from ICSC shows a gain of 0.4% on a week on week basis for the week ended September 25; sales were up 3.6% for the week when compared to the same week from a year ago. The Johnson Redbook report on the same thing is due out at 7:55am CDT.

*The July reading of the Case/Shiller Home Price Index is due out at 8:00am CDT, it is expected to be +3.10% on a year over year basis. The September reading of Consumer Confidence is due out at 9:00am CDT, it is forecast to be 52.1, down slightly from the August result of 52.5.

*The Richmond Fed Manufacturing Index for September is due to be release at 9:00am CDT, it is expected to fall five points on the month to a reading of 6.

*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.

*The Treasury plans to sell $ 35 billion 5 Year Notes today; the results will be announced just after noon CDT.

*A couple of Fed speakers on the calendar today. Governor Warsh is on a panel about job creation at an NYSE function at Georgetown University at 3:30pm CDT and Atlanta Fed boss Lockhart will speak on the economic outlook at 4:30pm in Tennessee.

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