In addition to a full economic calendar the markets will be contending with third quarter earnings announcements and the possible solution or non-solution to the European financial crisis.
The Federal Reserve reported this morning that U.S. Industrial Production rose 0.4% in September, while Capacity Utilization increased 0.1%. The positive numbers indicate the U.S. manufacturing sector is maintaining and managing to grow, however slight that growth may be.
From Europe, German Chancellor Merkel made it clear today that this weekend’s European Union summit will not provide a complete fix to the financial crisis. Her comments sparked a retreat in the Euro and European bank shares, while providing a lift to U.S. Treasury prices in a flight to safety.
The improvement in Treasury prices is spilling over into the mortgage market, so mortgage prices are .125% to .25% better than Friday.
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