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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Today was a mixed day on Wall Street with the DOW finishing the dat at 9,913.16 up 96.67 or .98%. The Nasdaq finish lower amid weak Tech stocks, finishing the day at 2,165.73 down 8.17 points of .38 points. Finally, S&P closed up 8.94 or .85% finishing at 1,059.41.

Gold continued to be investor’s weapon of choice breaking an all time high of $1,254.50. Currently, Gold is trading at 1,235.80 selling off 3.50 points or .28%. Oil rallied slightly trading at up .63 or .88% at $72.07. The Euro closed at 1.1946 against the dollar.

Arguments whether the U.S. economy is undergoing a double dip recession continue with Ben Bernake stating that he does not think we will be experiencing one. As noted in our morning outlook post, the public is very focused on the unemployment level which will not be driven down anytime soon by rapid economic growth. Projected time frame for a full recovery is anywhere from five to ten years.

On the other side of the coin it was reported today that lumber prices are sinking. If this is an indication that the overall price of goods has begun to fall, it could be a tip that deflation is occurring, causing business to cut back production and lay off workers, which then pushes the economy further into a hole as consumers have less expendable income overall. This cycle, should it occur, could confirm the suspicions of those who are calling for a double dip recession.

JP Morgan is under heavy scrutiny after reporting heavy losses on coal-price bets. JP Morgan was attempting to exploit cheaper prices in South Africa in shipping to Europe. The discount later narrowed as demand increased in Europe and JPM was caught holding the ball. Although this story has not been confirmed by JP Morgan, many are using this as yet another example to further regulate the activities of banks.

In world news, China’s workers are beginning to stand up for themselves, successfully demanding higher wages and working conditions from the governments. A company that supplies Honda Motors with exhaust pipes experienced a worker’s strike today. This is only the first domino to fall in a series of many, the Chinese culture is collectivist, and those acting in large groups will influence countless others. A lshift in the power of the Chinese government is approaching as well as an increase in the worldwide price of imports in the upcoming months.

Finally, the U.N. has geared up to approve trade sanctions against Iran in response to President Ahmadinejad’s refusal to stand down concerning nuclear weaponry. The country insists that it’s nuclear weapons purpose is for civilian use only.  

  For WMM Indices, our Micro Cap Index closed down 15.5 points or 1.8% and was lead by Empire Resorts (NYNY) and Rexahn Pharmaceuticals, Inc. (RNN)   Our Nano cap index closed down 8.4 points or .88 points lead by Cereplast, (CERP) and GTX Corp (GTXO)

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- About the Author:   About World Market Media:WorldMarketMedia.com (The Global Online Investment Community) is a high traffic stock market, news data website providing cutting edge new media products and services to publicly traded companies worldwide. Our Editor’s Desk authors insightful real-time coverage on the economy, the capital markets and their listed companies.     Article Source