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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Overnight Developments

• Global stocks are mixed with the European Euro Stoxx 50 Index up +0.56% and June S&Ps up +3.20 points. The dollar and Treasuries are weaker after comments last night from Kansas City Fed President Hoenig who said that the US economy is in a sustained recovery, and he repeated his call to raise the Fed funds rate to 1.00% by the end of Sep. Hoenig warned that "monetary policy can cause asset-price bubbles and that we need to take out the excess stimulus." He also said that the US has a "very serious fiscal situation" and that "we need to pass a law that is very firm that says you cannot spend more unless you cut something else." European technology stocks are leading a slight rally in equities today led by a 2.3% gain in STMicroelectronics which rallied after it was rated a "buy" in new coverage at Jeffries Group. IMF Deputy Managing Director Shinohara said most advanced economies are experiencing a "subdued" recovery and risks to the global economic outlook have "risen significantly" and policy makers have limited room to provide support to growth. European banks still remain wary of counterparty risk as they refuse to lend and rather deposit their excess funds with the ECB. Banks lodged 364.6 billion euros ($436 billion) in the ECB’s overnight deposit facility yesterday, the most since the euro’s inception in 1999, with deposits close to or above 300 billion euros for the past 9 sessions.
• The Asian markets today closed mixed with Japan down -1.04%, Hong Kong +0.69%, China +3.07%, Taiwan -1.12%, Australia +0.09%, Singapore -0.03%, South Korea -0.38%, India +0.25%. China’s Shanghai Stock Index closed higher after Reuters reported a surge in the nation’s exports and higher-than-expected new loans in May, signaling Europe’s debt crisis hasn’t derailed the economy. Chinese banks and property developers gained as new loans in May totaled 630 billion yuan ($92.3 billion), exceeding market expectations by 5%, while exporters rallied after May China exports surged +50% y/y. Tempering the rally in Chinese stocks was the +3.1% y/y increase in May consumer prices, which is above the PBOC’s targeted full-year ceiling of 3.0%, and adds to risks of overheating the economy. Japanese stocks closed lower led by losses in exporters, as the yen neared an 8-year high against the euro, raising concern a stronger yen will hurt the value of repatriated overseas earnings.

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