Indices in Europe and the US are trading lower this morning as traders head for the sidelines ahead of another weekend of uncertainty for Greece. Things had been looking up yesterday until the IMF suddenly up and walked out of negotiations and went back to the US. Overnight, there has been another round of threats and promises from which it remains unclear how much of this is posturing ahead of a deal or if the whole thing is on the brink of falling apart. It appears likely phone lines will be burning again this weekend among leaders as crunch time approaches. It seems the EU meeting on Thursday the 18th has become the drop dead date for a deal in order to leave enough time for parliaments to ratify any agreement that may come by the end of the month. Of course, dates can change and as we saw yesterday, the whole situation can turn on a dime, any time. So far bond and currency traders appear to be taking this all in stride with Greek treasury yields sitting on 11%, the German Bund yield still below 1.0%, EUR down only slightly against USD and gold steady Crude oil continues to retreat this morning as traders increasingly recognize that declines in US production have been more than offset by increases in OPEC production as the supply war continues to play out. fighting the tide, NOK is on the rebound today as traders speculate back an forth on whether or not Norges Bank will cut interest rates at its meeting next week, while CAD is holding steady against the greenback. We could see some action around today’s drill rig count. Note that we could be near a seasonal low for drilling activity and if we were to get an increase in the number of active rigs, some could be caught off guard. Corporate News Twitter embattled CEO Richard Costolo to leave June 30, to be replaced by co-founder Jack Dorsey on an interim basis Economic News Economic reports released overnight and this morning include: US producer prices (1.1%) as expected US PPI ex food and energy 0.6% vs street 0.7% Canada house prices street 4.6% vs previous 4.4% NZ manufacturing PMI 51.5 vs previous 51.8 NZ food prices 0.4% vs previous (0.3%) Japan industrial production 0.1% vs previous (0.1%) India industrial production 4.1% vs street 1.5% Spain consumer prices (0.2%) as expected Spain core CPI 0.5% as expected UK construction output 1.5% vs street 0.5% Eurozone industrial production 0.8% vs street 1.1% Upcoming significant announcements include: 10:00 am EDT US consumer sentiment street 91.2 10:00 am EDT US 1-yr inflation estimate previous 2.8% 1:00 pm EDT US Baker Hughes rig count previous 868 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.
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