Stock markets around the world continued to decline overnight as bears continue to gain the upper hand. Uncertainty about what could come out of tomorrow’s FOMC meeting and ongoing discussions over the Greek debt crisis continue to drag on stocks. Aircraft producers continue to announce orders at the Paris Air Show but at a slower pace than last year with Boeing leading over Airbus. Bombardier flew its CSeries jet at the show but hasn’t booked any new orders so far. Despite all the rhetoric and chatter about Greece, some markets appear to be more worried about a possible Grexit than others. EUR is the worst performing major currency today with DKK and SEK close behind. Once again Brent crude is underperforming WTI but not as badly as yesterday. Greek treasury yields spiked back above 12% again today but yields for other major European countries like Germany but even Spain and Italy have been falling today. Gold has fallen back, giving up yesterday’s gains. GBP, CHF and JPY are the top three performing currency even after soft UK inflation figures suggesting that what capital flight there has been out of Europe appears to be seeking havens in the UK, US, Japan and Switzerland rather than in precious metals. Overall, uncertainty about what the Fed might say about US interest rates and what could happen between Greece and the EU may continue to impact world markets and could cause significant intraday swings potentially creating opportunities for trading on both sides. Corporate News There are no major corporate announcements this morning. Economic News Economic reports released overnight and this morning include: US housing starts 1,036 vs street 1,090K US building permits 1,275 vs street 1,100K UK consumer prices 0.1% as expected% UK core CPI 0.9% vs street 1.0% UK retail prices 1.0% vs street 1.1% UK producer input prices (12.0%) vs street (11.3%) UK producer output prices (1.6%) as expected UK ONS house prices 5.5% vs previous 9.6% Germany consumer prices 0.7% as expected Germany ZEW current 62.9 vs street 63.0 Germany ZEW expectations 31.5 vs street 37.3 Eurozone ZEW expectations 53.7 vs previous 61.2 Norway trade balance NOK 21.8B vs previous NOK 1.2B Upcoming significant announcements include: There are no major announcements scheduled for North America later today. CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.