U.S. stock futures rose this morning, with the Dow industrials and S&P 500 on track to push further into record territory, on the heels of gains in Europe and Asia. Markets are expected to open higher at historic levels.
Here is the current market situation from CNN Money
European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.83% while France's CAC 40 is up 1.72% and London's FTSE 100 is up 0.44%.
The euro slumped against the U.S. dollar, while European stocks and bonds surged on the prospect of the European Central Bank ramping up its asset-purchase program in May and June.
Bloomberg has pointed out that Housing starts are now at their highest since pre-financial crisis levels in Nov 2007.
On Monday we got the usual jawboning out of Greece's embattled leadership, with both PM Alexis Tsipras and FinMin Yanis Varoufakis swearing that a deal with creditors is imminent. Here's a sampling of the rhetoric
TSIPRAS: GREECE HAS SUBMITTED CONCRETE PROPOSALS TO CREDITORS
VAROUFAKIS: GREECE IS `VERY CLOSE' TO DEAL WITH CREDITORS
GREECE WILL NOT DEFAULT, FINANCE MINISTER VAROUFAKIS SAYS
As usual, it wasn't long before EU creditors were out telling a different story.
EU SAYS MORE TIME, EFFORT NEEDED TO BRIDGE GAPS ON GREECE
EU SAYS SLOW-PACE PROGRESS BEING MADE TOWARD GREECE AGREEMENT
Perhaps most importantly, it appears as though Tsipras' hopes of cementing a deal in Riga may be far-fetched:
JUNCKER RULES OUT POSSIBILITY OF GREECE AID DEAL IN RIGA
And while Juncker claims he is optimistic about a deal in "late May or early June", it's not at all clear that either Greece or its creditors truly appreciate the potential for the type of â€'accident' that German FinMin Wolfgang Schaeuble has been warning about. That is, a sudden, acute cash crunch â€" triggered by an ECB decision to raise the haircut on collateral pledged by Greek banks for ELA, for instance â€" could quickly push the country over the edge before a political solution is agreed upon.
Meanwhile, in Germany, Angela Merkel is attempting to head off staunch opposition from lawmakers concerning further coddling of what they perceive to be a belligerent Greek government. As ...
London (Reuters) - Investment banking revenues in the second quarter for eight of the top banks could fall 15 percent from the previous quarter, as income from rates trading tumbles, JPMorgan analysts said on Tuesday.
(Reuters) - Wal-Mart Stores Inc reported lower-than-expected quarterly U.S. same-store sales growth, saying its customers were using their tax refunds and savings at the pump to pay down debt rather than spend on discretionary items.
LONDON (Reuters) - The euro tumbled on Tuesday and the region's stocks and bonds jumped after the European Central Bank signalled it would speed up its 1 trillion euro bond-buying programme for the next two months ahead of an expected summer lull.
In what may be the most cryptic press release from Walmart yet, the company just issued an 8-K which consisted all of 5 bullet points, a few charts, and precious little else. Perhaps the reason for the pithy transmission is that WMT had nothing good to say: Revenue declined from $115 billion to $114.8 billion, missing expectations of a jump to $116.2 billion, EPS also missed at $1.03, vs $1.05 expected, operating income tumbled 8.3% from $6.2 billion to $5.7 billion, and finally comp store sales also missed at 1.0%, below the 1.5% expected. With these results, anyone would be short and to the point.
After previously providing extensive explanations for why the massive Apple Sachs Industrial Member member missed, this quarter the firm almost didn't even bother to scapegoat. This is what it said:
"Consolidated operating income declined 8.3%, due to impacts from currency fluctuations and investments in associate wages & training and e-commerce."
As if it didn't even bother to put in the effort to find a reason for the 8.3% plunge in operating income.
Finally, even the company's guidance was berely there. From Charles Holley, Executive Vice President and CFO, Wal-Mart Stores, Inc.
"Based on our views of the global macro-economic environment, and assuming currency exchange rates remain at cur ...
Less than a week ago, fresh from the aftermath of the recent dramatic six-sigma move in German Bunds, one of Europe's largest banks openly lamented that so far the ECB's QE had done absolutely nothing: "two months of QE for nothing. Well, not strictly true of course, for inflation expectations are up 30bp and Euro stocks are still up 15% since January even after investors withdrew $1.5bn last week. But look at the euro. EUR/USD yesterday returned over 1.1350, the highest level since the ECB announced QE on 22 January."
And lo and behold, as if on demand, late last night the ECB confirmed (however for some reason it took over 6 hours for the headlines to filter through to the newswires perhaps just to make it easier for hedge funds to frontrun the broader market ahead on ECB disclosures) it had heard the ECB's lament when on the evening of May 18, ECB executive board member Benoit Coeure delivered a speech at the Brevan Howard Centre for Financial Analysis (appropriately named after a hedge fund) at Imperial College Business School (not to be confused with the July 26, 2012 Mario Draghi "whatever it takes" speech which also took place in London) in which he said that the ECB intends to "frontload" i.e., increase, its purchases of euro-area assets in May and June ahead of an expected low-liquidity period in the summer.
Quotes by Bloomberg, Couere said that "We are also aware of seasonal patterns in fixed-income market activity with the traditional holiday period from mid-Ju ...
(Reuters) - Home Depot Inc , the world's largest home improvement chain by sales, reported better-than-expected quarterly profit and sales as customers in North America spent more on home repairs after a harsh winter.
LONDON (Reuters) - Britain's Vodafone posted a rise in quarterly sales for the first time in nearly three years on Tuesday in the clearest sign yet that Europe's mobile market is edging towards recovery.
FRANKFURT (Reuters) - Deutsche Bank , the euro zone's second-largest bank by assets with large operations in Britain, has begun initial preparations for a possible UK exit from the European Union as Prime Minister David Cameron readies a referendum on the matter.
New York-based GTIS is now the largest hotel owner in Brazil, following a $400 million takeover of Brazil Hospitality Group. The U.S. investor plans to upgrade properties and expand the hotel operator's reach.
LONDON (Reuters) - Shell has received a 464 million euro ($529 million) binding offer for its Butagaz liquefied petroleum gas (LPG) business in France from DCC , marking the next step in the Anglo-Dutch oil major's drive to sell downstream assets.
SEOUL (Reuters) - The founder of Alibaba Group Holdings Ltd on Tuesday called "regrettable" a lawsuit by a group of luxury goods firms owned by Kering SA accusing the Chinese e-commerce giant of being a conduit for counterfeiters.
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