Dow dropped 45, decliners over advancers 2-1 & NAZ fell 6. The Financial Index was of a fraction in the 194s, doing little in the last 3 weeks. The MLP index slipped 1+ to 383 & the REIT index was of a fraction to 264. Junk bond funds rose & Treasuries continued strong, taking the yield on the 10 year Treasury towards 1½%. Oil & gold fluctuated with minimal changes.
Photo: Bloomberg
The € fell to its lowest level in 2 years as regional finance ministers gather in Brussels to discuss crisis-fighting measures adopted by heads of gov at a summit last month. The currency erased its intraday drop as the European Commission said future recapitalizations of banks by rescue funds wouldn’t require gov guarantees. Spanish & Italian bonds fell (sending Spanish yields back over the troubling 7% level) amid concern finance ministers will fail to agree on sufficient crisis-fighting measures. Recapitalizations of banks by the European Stability Mechanism (ESM) will have “no need for a sovereign guarantee,” a commission spokesman said. Details of how the future system will work remain to be negotiated. The €, while off its lows, is still under $1.23 signalling a lack of confidence in solving euro debt problems.
Euro Touches 2-Year Low Before Finance Ministers MeeEuro Touches 2-Year Low Before Finance Ministers Meet
Greek Prime Minister Antonis Samaras
Photo: Yahoo
A deputy labor minister resigned from Greece's new coalition gov, saying it should have pressed harder to renegotiate the terms of the country's bailout agreements. Nikos Nikolopoulos announced his resignation hours after the new conservative-led gov won a confidence vote in parliament. In a letter, he argued that the gov should have taken a tougher line with intl debt inspectors last week to "correct serious distortions in the labor, pension and benefit systems." Known as the troika, the inspectors from the EU, ECB & IMF, have carried out frequent visits to Greece to check on the state of its struggling public finances. Nikolopoulos was considered a close ally of conservative Prime Minister Samaras, who named a replacement shortly after the resignation was announced. A gov spokesman said the gov was puzzled by the resignation, adding "There is no logical explanation. Mr. Nikolopoulos had no time to argue with his minister. And negotiations with the troika haven't even started.". "Yesterday, he backed the government in a vote of confidence. In the end, not everyone is cut out for tough jobs." Can you spell, "confusion?"
Greece: Deputy minister quits over debt talks AP
Photo: Bloomberg
Boeing, a Dow stock, clinched the first big deal of this year's Farnborough Airshow with an order from Air Lease for 75 of its redesigned 737 aircraft worth $7.2B. The order is a big win for BA & is the first order for the MAX, a new version of its best-selling 737 aircraft, by a leasing company. "They are an ideal partner to help establish the 737 MAX in the leasing market," said Ray Conner, Boeing Commercial Airplanes president. The MAX incorporates new technologies designed to make the aircraft more efficient, reliable & comfortable & BA has secured orders & commitments for more than 1K of the aircraft. Expectations are high that BA will clinch more deals for the plane as it tries to catch up with rival Airbus in orders for single-aisle aircraft. The stock gained 45¢.
Boeing Wins $7.2 Billion Order From Hazy as Air Show Opens
Asian markets began the week selling off last night on more bad news out of Asia, not to mention the thoughts of the euro debt mess dragging on. Earnings season begins tonight when Alcoa (AA), a Dow stock, reports & expectations are low. Big banks will follow later this week. Even with lowered expectations, markets could be disappointed.
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month | 0.076% | |
U.S. 2-year | 0.262% | |
U.S. 10-year | 1.524% |
| CLQ12.NYM | ...Crude Oil Aug 12 | ...84.51 | ... 0.06 | (0.1%) |
| GCN12.CMX | ...Gold Jul 12 | .......1,580.90 | ... 2.50 | (0.2%) |
Get the latest daily market update:
The € fell to its lowest level in 2 years as regional finance ministers gather in Brussels to discuss crisis-fighting measures adopted by heads of gov at a summit last month. The currency erased its intraday drop as the European Commission said future recapitalizations of banks by rescue funds wouldn’t require gov guarantees. Spanish & Italian bonds fell (sending Spanish yields back over the troubling 7% level) amid concern finance ministers will fail to agree on sufficient crisis-fighting measures. Recapitalizations of banks by the European Stability Mechanism (ESM) will have “no need for a sovereign guarantee,” a commission spokesman said. Details of how the future system will work remain to be negotiated. The €, while off its lows, is still under $1.23 signalling a lack of confidence in solving euro debt problems.
Euro Touches 2-Year Low Before Finance Ministers MeeEuro Touches 2-Year Low Before Finance Ministers Meet
Photo: Yahoo
A deputy labor minister resigned from Greece's new coalition gov, saying it should have pressed harder to renegotiate the terms of the country's bailout agreements. Nikos Nikolopoulos announced his resignation hours after the new conservative-led gov won a confidence vote in parliament. In a letter, he argued that the gov should have taken a tougher line with intl debt inspectors last week to "correct serious distortions in the labor, pension and benefit systems." Known as the troika, the inspectors from the EU, ECB & IMF, have carried out frequent visits to Greece to check on the state of its struggling public finances. Nikolopoulos was considered a close ally of conservative Prime Minister Samaras, who named a replacement shortly after the resignation was announced. A gov spokesman said the gov was puzzled by the resignation, adding "There is no logical explanation. Mr. Nikolopoulos had no time to argue with his minister. And negotiations with the troika haven't even started.". "Yesterday, he backed the government in a vote of confidence. In the end, not everyone is cut out for tough jobs." Can you spell, "confusion?"
Greece: Deputy minister quits over debt talks AP
Boeing, a Dow stock, clinched the first big deal of this year's Farnborough Airshow with an order from Air Lease for 75 of its redesigned 737 aircraft worth $7.2B. The order is a big win for BA & is the first order for the MAX, a new version of its best-selling 737 aircraft, by a leasing company. "They are an ideal partner to help establish the 737 MAX in the leasing market," said Ray Conner, Boeing Commercial Airplanes president. The MAX incorporates new technologies designed to make the aircraft more efficient, reliable & comfortable & BA has secured orders & commitments for more than 1K of the aircraft. Expectations are high that BA will clinch more deals for the plane as it tries to catch up with rival Airbus in orders for single-aisle aircraft. The stock gained 45¢.
Boeing Wins $7.2 Billion Order From Hazy as Air Show Opens
Boeing (BA)
Asian markets began the week selling off last night on more bad news out of Asia, not to mention the thoughts of the euro debt mess dragging on. Earnings season begins tonight when Alcoa (AA), a Dow stock, reports & expectations are low. Big banks will follow later this week. Even with lowered expectations, markets could be disappointed.
Dow Jones Industrials
Get your favorite symbols' Trend Analysis TODAY!
No comments:
Post a Comment