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Merkel shot down Eurobonds and eurobills ahead of the EU Summit while Cyprus requested a bailout.
Hopes for a decisive EU Summit on Thursday/Friday are dwindling as scattered reports show leaders working on a roadmap to a banking union but nothing that could be considered game-changing.
Hong Kong’s Hang Seng Index HK:HSI +0.34% rose 0.2% while the Shanghai Composite indexCN:000001 -0.56% reopened after a long weekend to trade down 0.5%. Japan’s Nikkei Stock Average JP:100000018 -0.38% edged 0.3% lower after trading in both directions.
http://www.marketwatch.com/story/stocks-sink-in-korea-australia-as-japan-seesaws-2012-06-24
There are a few pieces of U.S. data worth watching including new home sales, consumer confidence, durable goods orders, pending home sales, revisions to first quarter GDP, personal income, personal spending and Chicago PMI. Given this week’s economic reports, the decline in confidence reported by the University Michigan consumer sentiment survey and the decline in retail sales, we expect these reports to be negative for the dollar by reinforcing the need for QE3.
the leaders of Germany, France, Italy and Spain did agree on was a financial tax that would be used to pay for future bailouts but judging from the price action of the euro, investors were not impressed. Merkel is outnumbered but she holds the purse strings and getting her concede will be difficult. It is against this backdrop that we enter the new trading week where the number one focus will be the EU Leaders
