Over the weekend the G20 meeting of finance ministers decided to delay expansion of IMF funding until Europe increased the size of its own rescue package. They pressed European leaders to shore up the firewall to contain any spillover over the sovereign debt crisis. Dow futures are currently down 43 points to 12,918. Nasdaq 100 futures are off 9.50 points to 2,592. S&P 500 futures are rounding out the decline, down 5.75 points to 1,357.50.

The European markets are expected to be in sharp focus this week. Numerous events such as bond auctions and votes on the Greek bailout will take center stage this week. The German Parliament is expected to vote on the package this week. While it is expected to pass, investors should pay close attention in case the debate shifts the outcome.

The economic data a calendar is fairly light today, with pending home sales data slated for release at 10am EST. [Read more...]