Ibd 100 Stocks
Ibd 100 Stocks
4 Things To Know from World Market Media
Stocks sold off across the majority of Asia. Shanghai set a new low for the move with a decline of 1.9% and the Hang Seng, Nikkei and Australia all lost more than one percent on the session. Europe is also getting hit with many indexes down two percent or more; currently the Footsie is down 1.7% and the Dax is off slightly more than one percent. US stock futures are down about one percent this morning as I write.
*There were several bits of data released overnight in China, including April year over year results for: the Producer Price Index was up 6.8% from a year ago, three tenths more than forecast; the Consumer Price Index was one tenth stronger than expected at +2.8%; Retail Sales were up 18.5% from last year, a few tenth better than the estimate; but Industrial Production was short of the forecast with a year over year gain of 17.8%.
*After a strong initial reaction yesterday to the EU’s latest plan to rescue member’s sovereign debt from collapse the euro has been selling down ever since and this morning the dollar/euro is more than 100 pips lower at about 1.2680 and the euro/yen down more than 200 pips at 117.15 at the moment.
*European central banks have begun buying Greek bonds and now they are said to be focusing on buying Ireland debt as well.
*The final April reading of Germany’s Consumer Price Index was unrevised at -0.1% on the month and +1.0% on an annualized basis.
*The April reading of Germany’s Wholesale Price Index was almost double the expectation as it rose 1.7% on a monthly basis.
*The March reading of the UK Industrial Production rose 2.0% on a month on month basis, well above the estimate of +0.3%.
*The April reading of the NFIB Small Business Optimism Index was up 3.8 points on the month, and at 90.6 it is at a nineteen month high, but it remains at levels more normally associated with recession and the employment component was negative for the seventeenth time in the last eighteen months.
*The weekly report on chain store sales from ICSC showed a weekly sales increase of 0.1% for the week ended May 8; sales are up 4.3% for the week when compared to year ago levels. The Johnson Redbook report on the same thing is due out at 7:55am CDT.
*The March reading of Wholesale Inventories is due out at 9:00am CDT, it is expected to be +0.5%.
*The May reading of the IBD/TIPP Economic Optimism Index is due out at 9:00am CDT, it is forecast to be steady on the month at 48.4.
*There are three Fed speakers on the calendar today, including: Richmond Fed boss Lacker at 7:30am CDT; Atlanta’s Lockhart at 12:15pm CDT; and Philly Fedster Plosser at 12:30pm CDT.
*The Treasury plans to sell $38 billion 3 Year Notes today, the results will be announced just after noon CDT.
’03 “Monster” Stocks – And How To Trade Them
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