EmailS&P futures suggest an up open of about two points.
August housing starts rose 2.3% to a 750,000 annual rate from a revised (lower) 733,000 rate in July. That was less than the 770,000 level expected. Permits dipped to an 803,000 annual rate from 811,000 in July, but those levels still imply further gains in starts in the months ahead. Starts are up from about a 575,000 rate in early 2009 but have a long way to go to get back to the 2 million plus rate of 2003 through 2007. Housing remains one of the strongest sectors of the US economy and this slightly disappointing data doesn't change the outlook. S&P futures didn't react.
Japan announced a dose of their own quantitative easing which boosted the Japanese stock exchange 1.2%. Other Asian exchanges were up slightly. There is growing concern that the political tension between China and Japan will negatively impact economic trends.
European stock exchanges are also up marginally. There is some talk about the Spanish 10-year yield again, as it backed up near 6% amid talk that Spain will have trouble actually getting a bailout, but at 5.81% today it isn't really a concern.
Microsoft raised its dividend 15% and the stock now yields 2.95%. That's about it for today - there isn't much news.
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