Stocks were down across most of Asia. The Nikkei fell by 1.6% and Australia was lower by two thirds of a percent, but the Hang Seng and Shanghai lost only 0.3% and 0.4% respectively. European indexes are also lower, with the Footsie and Dax currently off by about a half percent. US stock futures are lower by a third to a half percent.

*The June reading of Japan’s Jobless Rate was up one tenth on the month to 5.3%; it was expected to remain steady at 5.2%. Also, Overall Household Spending however rose 0.5% in June from a year ago, it had been forecast to fall 0.9%.

*The June reading of Japan’s Consumer Price Index, ex-fresh food, was -1.0% on a year over year basis, two tenth less deflation than in May. The July reading of that same CPI measure for Tokyo was steady at -1.3%, a one tenth decline was the estimate.

*The preliminary June reading of Japan’s Industrial Production was surprisingly weak at -1.5% on a month on month basis; the forecast was for +0.2%.

*The June reading of German Retail Sales fell 0.9% on the month, much lower than the expected decline of 0.2%, however the previous monthly change was revised up to +3.0% from +0.4%.

*The July reading of Switzerland’s Leading Economic Indicator was steady at 2.23, a bit short of the forecast.

*St. Louis Fed boss Bullard is on CNBC reiterating the basis of his recent paper that deflation is one possible outcome for the economy and that the Fed would take other action, like more quantitative easing, if the economy weakens.

*The first look at Q2 GDP is due out at 7:30am CDT. Growth is forecast to be +2.6% on a quarter on quarter annualized basis; it was +2.7% in the first quarter. The Q2 reading of the key consumption for Personal Consumption is expected to be +2.4% and the estimate for the Q2 GDP Price Deflator is +1.1%. The Q2 reading of the Core PCE price measure is expected to be +1.0% on a quarter over quarter annualized basis. Also due out at 7:30am is the Q2 reading of the Employment Cost Index, it is forecast to be +0.5%. The July reading of the Chicago Purchasing Managers Index is set to be released at 8:45am CDT, but it will be out three minutes earlier for subscribers; the Chicago Index is expected to fall three points on the month to 56.0. The final July reading of consumer sentiment from the University of Michigan is due out at 8:55am CDT; it is expected to be a half point higher than the preliminary result at 67.0, it was 76.0 in June.

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