The US market is getting a slight boost from the ISM numbers that just released. Though a beat on consensus the underlying numbers point to further weakness, especially in employment. The G-7 meeting today is being watched to see if there is going to be any coordinated statement from the group of finance ministers.
Europe continues to stare at the cliff wondering which country is going first. With Greece rapidly approaching new elections, the financial crisis has jumped its borders and spread to Spain and Italy. The clamor for common EU bonds is starting to reach a fever pitch and one wonders if Merkel will blink in her opposition to them. If she does, the political consequences for her party will be severe as she heads into a 2013 election.
A quick snapshot of the market has the Dow down 8, the Nasdaq up 4 and the S&P adding 2 points. [Read more...]
