There are no economic releases today and both stock and bond markets are opening flat. After last week’s steep sell-off oil, gold, sliver and most other commodities are rebounding, with oil just below $100/bbl. This week has a fairly busy economic calendar including Retail Sales and two inflation measures; the Producer Price Index and the Consumer Price Index. The markets will be looking for the effects higher food and energy prices are having at the consumer level.
The sovereign debt crisis in Europe shows no sign of fading, as European Union officials had an unannounced, emergency meeting on Friday to discuss the growing Greek dilemma. Greece is no longer able to reasonably access the capital markets; not a good thing when one has maturing debt that needs rolled over and the need to borrower additional funds to help run the country. This may not be limited to Greece and Ireland, Portugal and Spain all continue to have problems.
As noted above, U.S. markets are flat from the close on Friday, with the yield on the 10 year note firm at 3.15%, and mortgage prices unchanged.
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