*Stocks in Asia were broadly higher. The Nikkei led the way with a gain of one and a half percent, the Hang Seng was up 0.4% and Shanghai added a quarter percent, but Australia was a rare exception with a decline of a half percent. European indexes are generally a bit lower. The Dax is currently down by a third of a percent and the Footsie is essentially unchanged. US stock futures are fractionally higher as I write.

*The final revision of Japan’s Q2 GDP showed that their economy grew faster than previously thought. The annualized rate of growth in the second quarter is now said to be +1.5%, well above the +0.4% growth rate initially reported.

*China reports that in August they had their third straight trade surplus in excess of $20 billion, but at $20.3 billion it was almost seven billion less than forecast. In August China’s Exports were up 34.4% on a year over year basis, close to the expectation but their Imports were up 35.2% versus last year and that was about eight percent more than forecast.

*For some reason China is releasing several economic statistics on Saturday, among the data due out tomorrow are: PPI, CPI, Retail Sales and Industrial Production.

*The August reading of the UK Producer Price Index was unchanged on a monthly basis and the annualized cost of goods at the factory gate was 4.7%, the slowest year on year rate in six months.

*The July reading of Wholesale Inventories is due out at 9:00am CDT, it is expected to increase 0.4% on a monthly basis.

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Stocks were higher throughout Asia. The Nikkei gained 1.5%, Shanghai added 1.25%, the Hang Seng was up more than one percent and Australia closed 0.8% higher. European indexes are currently little changed on the day, with both the Dax and Footsie currently flat. US stock futures are essentially unchanged as I write.

*The July reading of Australia’s Balance of Trade showed a surplus of A$1.89 billion, well short of the estimate for a surplus of A$3.1 billion. The shortfall is being blamed on lower prices for commodity exports and weaker demand from Asia.

*The Q2 reading of Switzerland’s GDP came in a tenth better than forecast at +0.9% on a quarter on quarter basis; almost matching the Q1 growth of +1.0%.

*The July reading of Switzerland’s Retail Sales was the best in more than a year with a year on year gain of 4.8%. The seasonally adjusted real sales were up 0.7% from the month before.

*In August UK house prices fell 0.9% from July, according to Nationwide; that was the biggest one month drop in half a year and three times the expected decline. On a year over year basis UK house prices gained 3.9%, one percent below the forecast.

*The ECB left policy unchanged including their benchmark rate at 1.00%. Bank President Trichet will tell us all about it at his press conference beginning at 7:30am CDT.

*US chain stores are announcing their August same store sales results this morning. Some of the early reports include: Stein Mart +8.5% versus last year, The Limited Brands +10%, The Buckle -3.5% and Bon-Ton Stores -4.6%.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 475k. Also due out at 7:30am is the final revision of Q2 Non-farm Productivity; this is forecast to be -1.9%, down from the initial result of -0.9% and the estimate for Unit Labor Costs is +1.2%, up from the initial report of +0.2%. The July reading of Factory Orders is due to be announced at 9:00am CDT, it is expected to be +0.2%. Also due out at 9:00am is the July reading of Pending Home Sales, which is forecast to be -1.0% on a month on month basis.

*Fed boss Bernanke is scheduled to testify before the Financial Crisis Inquiry Commission at 8:00am CDT; among other things they will discuss the chairman’s actions and thought process during the crisis in regards to Bear Stearns, Lehman, etc. Boston Fed’s Rosengren and Cleveland Fedster Pianalto will give welcome remarks at a Fed conference on housing at 8:00am CDT.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to show an increase of 55 bcf.

*The Treasury is expected to announce at 10:00am CDT the detail of next week’s auctions of 3 Year Notes, 10 Year Notes and 30 Year Bonds.

*The Treasury plans to sell $10 billion re-opened 10 Year TIPS today; the results will be announced just after noon CDT.

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Stocks were generally higher in Asian trade. Australia led the way with a two percent gain, the Nikkei added more than one percent and the Hang Seng was up 0.4%. Bucking the trend was Shanghai which lost 0.6% on the session. European indexes are broadly higher, with the Footsie currently higher by almost 1.4% and the Dax up a bit more than one percent. US stock futures are higher by about one percent as I write.

*The Q2 reading of Australia’s GDP was the best in three years with quarter on quarter growth of 1.2%, better than the 0.9% forecast.

*The August reading of China’s manufacturing sector Purchasing Managers Index was up a half point on the month to 51.7, a couple tenths better than forecast.

*The July reading of Germany’s Retail Sales was -0.3%, well below the gain of 0.5% that was expected. That is the second month in a row in which Sales fell 0.3% and the fourth month in five that showed a decline.

*The final August reading of Germany’s manufacturing sector PMI was unrevised at 58.2; the index was 61.2 in July.

*The August reading of Switzerland’s manufacturing sector PMI was down 5.5 points on the month to 61.4, far short of the estimate of 65.8.

*The August reading of the UK’s manufacturing PMI was down 2.6 points on the month to 54.3. It had been expected to fall only a fraction to 57.0.

*US mortgage applications were up 2.7% in the week ended August 27. Applications for purchase were up 1.8% and those for Refi rose 2.8%.

*The Challenger Groups says that in August there were 34,768 job cut announcements, that is down 55% from last August. Announced job cuts last month were the fewest since June 2000.

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*Stocks were generally weak in Asian trade. The Nikkei in particular had a bad day as it fell almost 3.6% on the session; the biggest daily decline in about three months. Australia and the Hang Seng were each down by about one percent and Shanghai lost a half percent. European indexes were also broadly lower with both the Footsie and Dax off by one percent. US stock futures are trading down a half percent.

*The Q2 reading of Australia’s Current Account Balance was a deficit of AD$5.6 billion, about one billion less than forecast. Their Net Exports as a percent of GDP rose 0.4% in the quarter.

*The July reading of Australia’s Retail Sales were +0.7% on a month on month basis, beating the estimate of +0.4%.

*The preliminary July reading of Japan’s Industrial Production is +0.3% on a month on month basis, better than the forecast for a decline of 0.2%.

*The July reading of Japan’s Retail Trade was up 0.7% from the month before; it had been forecast to gain 0.5%.

*The August reading of Germany’s Unemployment Rate was steady at 7.6%, as expected. The net change in the number of Unemployed was -17k, just missing the -20k estimate.

*In July there were 48.7k Mortgage Approvals in the UK, according to the Bank of England; a couple thousand more than expected.

*The weekly report on chain store sales from ICSC shows an increase of 0.1% on a week to week basis for the week ended August 28. The Johnson Redbook report of the same thing is due out at 7:55am CDT.

*The June reading of the Case/Shiller Home Price Index is due out at 8:00am CDT, it is expected to be +3.50% on a year over year basis. The August reading of the Chicago Purchasing Managers Index is due out at 8:45am CDT, three minutes earlier for subscribers. The Chicago PMI is expected to be 57.0, which would be down from 62.3 the month before. The August reading of Consumer Confidence is set to be released at 9:00am CDT, it is forecast to improve three tenths on the month to 50.7.

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Stocks had mixed results in Asia overnight. The Nikkei was up almost one percent, while Australia and Shanghai were higher by about 0.3%, but the Hang Seng lost a small fraction. European indexes are generally little changed at the moment, with both the Footsie and the Dax up a fraction. US stock futures are up by about one third of a percent.

*The July reading of Japan’s Jobless Rate was down one tenth on the month to 5.2%, a steady reading was the forecast. Overall Household Spending was +1.1% on a year over year basis, up from June but below the estimate of +1.5%.

*The July reading of Japan’s Consumer Price Index, ex-fresh food, is -1.1% on a year over year basis, matching the forecast. The August reading of that same inflation measure for Tokyo is also -1.1% year over year, less deflationary than the expected -1.2%.

*The July reading of Germany’s Import Price Index -0.2% on a month on month basis, a decline of -0.4% was the forecast.

*German states have been releasing the August reading of their Consumer Price Index this morning, some of the results include: Saxony 0.0% month on month and +1.1% year on year, Hesse +0.1% and +0.7%, Bavaria +0.1% and +1.1% and North Rhine Westphalia +0.2% and +1.0%. The national CPI is due out later this morning, it is expected to be +0.1% on a month over month basis and the estimate for the annualized rate is +1.1%.

*The August reading of the KOF Swiss Leading Indicator is 2.18, that is down from 2.22 in July and the second small decline in a row.

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Stocks were mixed in Asian trade. Australia was among the best with a gain of 0.8%, the Nikkei added 0.7% and Shanghai was up a quarter percent, but the Hang Seng fell a fraction on the session. European indexes are modestly higher, with the Footsie currently up about 0.6% and the Dax higher by a quarter percent. US stock futures are fractionally higher.

*In the second quarter Australian business investment unexpectedly fell 4.0%, this had been forecast to expand by 2.3%. Additionally the previous quarter was revised down to -1.0% from -0.2%.

*The Q2 reading of Switzerland’s Employment level was up 0.6% to 3.968 million; both results were a touch shy of the forecast.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 490k.

*The Mortgage Bankers Association is scheduled to release some data on Q2 mortgage delinquencies and foreclosures at 9:00am CDT.

*The Fed is expected to buy Treasuries again today, maturities ranging from February 15, 2021 to August 15, 2040; the results should be out just after 10:00am CDT.

*The weekly report on inventories of Natural Gas is due to be released at 9:30am CDT, it is expected to show an increase of 38 bcf.

*The August reading of the Kansas City Fed Production Index is due out at 10:00am CDT. Usually nobody pays attention to this report but because of the recent weakness in these regional Fed reports it might get more notice than it normally does.

*The Treasury plans to sell $29 billion 7 Year Notes today, the results will be announced just after noon CDT.

*FedHeads begin gathering in Jackson Hole today for the annual weekend long fest. Bernanke is scheduled to speak at 9:00am CDT on Friday.

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Stocks were bid throughout Asia overnight. The Nikkei was up 1.3%, Shanghai added 0.8%, the Hang Seng gained a quarter percent and Australia was up a fraction. European indexes are also generally higher, with the Dax currently up a half percent and the Footsie a fraction better. US stock futures are up about a third of a percent.

*Nationwide department store sales in Japan were down 1.4% on a year over year basis in July; that is the smallest annualized decline since March 2008.

*The July reading of the German Producer Price Index was up 0.5% on a monthly basis; it was expected to rise only 0.1%. On a year over year basis the PPI was +3.7%, a few tenths more than forecast.

*The July reading of Switzerland’s Trade Balance was a record surplus of SF2.89 billion, mainly the result of falling imports.

*The August reading of Switzerland’s ZEW Index of Economic Growth Expectations bounced up to 9.1 from 2.2 the month before; this index had fallen sharply from the mid-fifties in the previous three months.

*The July reading of UK Retail Sales was up 1.1% on a month on month basis, that was up almost four times the forecast.

*GM has filed papers for its upcoming IPO; listing several banks as underwriters.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 478k. The August reading of the Philly Fed Business Activity Index is due out at 9:00am CDT, it is forecast to increase two points on the month to 7.0. Also due out at 9:00am is the July reading of the Leading Economic Indicators, a reading of +0.1% is the estimate.

*The Fed is expected to buy Treasuries this morning, the operation is set to begin around 9:15am CDT; they will target paper maturing between August 2016 and May 2020.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is expected to show a gain of 30 bcf.

*The Treasury is expected to announce at 10:00am CDT the details of next week’s auctions of 30 Year TIPS, 2 Year Notes, 5 Year Notes and 7 Year Notes.

*St. Louis Fed boss Bullard is scheduled to speak on the economy at 11:30am CDT.

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4 Things You Need to Know Before Trading

Stocks in Asia were mixed overnight. The Nikkei led the way with a gain of 1.7% and Australia added a half percent, but the Hang Seng was unchanged and Shanghai lost two thirds of a percent. European indexes are generally higher; the Dax is currently up two thirds of a percent and the Footsie is up 0.4%. US stock futures are essentially unchanged.

*The June reading of German Factory Orders were more than twice as strong as forecast with a monthly gain of 3.2%.

*The Bank of England kept their benchmark interest rate steady at 0.5%, as expected.

*The ECB also stood pat on rates leaving their key rate at 1.00%. ECB boss Trichet will tell us all about it when he begins his press conference at 7:30am CDT.

*US chain stores are reporting their July same-store sale results this morning, some of the early returns include: Stein Mart -2.6%, Limited Brands +12%, The Wet Seal -4.3%, The Buckle -9.3% and The Bon-Ton Stores -0.3%.

*The weekly report on Initial Jobless Claims is due out at 7:30am CDT, it is expected to be 455k.

*The weekly report on inventories of Natural Gas is due out at 9:30am CDT, it is forecast to show an increase of 31 bcf.

*San Francisco Fed boss Yellen is scheduled to give some opening remarks at a hearing on the Home Mortgage Disclosure Act at 10:30am; she is not likely to comment on the economy or monetary policy.

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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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