Hang Seng (Hong Kong): -3.03%
Australia: -1.00%
Nikkei 225 (Japan): -1.42%
Asian markets followed the weakness in the US markets yesterday. It seemed that financials sold off due to the uncertainty of what might be said by the Fed today.
Europe at mid-day:
FTSE 100 (UK): +0.45% at 11:10 AM
DAX (Germany): +0.48% at 12:10 PM
CAC 40 (France): +0.45% at 12:25 PM
SPY after hours: +0.2% at 6:30 AM At 99.83
QQQQ after hours: +0.25% at 6:30 AM
Economic Indicators: Trade balance for June is expected to be around -30B. Imports have dropped 30% while exports have dropped only 20%.
Crude inventories comes out today.
The Treasury budget is expected to show a deficit of $180B for May. The trailing twelve month deficit is $1,200B. Tax collections are down 15% and spending is up 25%. No way to run a household, but the right way to get out of the liquidity trap we are in so that we don’t lose a decade like Japan in the ’90s.
The Fed ends its meeting today. I would expect very quiet trading until they announce at 2 PM EST.
Before the market opens: Celgene (CELG) biotech specializing in cancer and immune-inflammatory diseases, announces earnings.
During the day:Macy’s (M) big department store, Sara Lee (SLE) frozen desserts, Progressive Corp (PGR) auto insurance company, discusses earnings.
After the market closes: Aegean Marine Petroleum Network (ANW) Greek oil tanker company, Harris (HRS) designs and builds communications equipment for the Defense Dept., announce earnings.
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.