US stock future indexes are down fractionally (SPY -0.2%) and joined global equity markets in a push lower this morning, driven by fears that U.K. voters will choose to leave the European Union and some nervousness ahead of central bank meetings in the U.S. and Japan. Oil futures are down 1.1% to $48.52/bbl after dropping 4.2% in the previous two sessions. Traders are also anticipating a busy week for central banks with Fed, BOJ, SNB and Bank of England meetings.
Here is the current market situation from CNN Money
European markets are broadly lower today with shares in France off the most. The CAC 40 is down 1.37% while Germany's DAX is off 1.34% and London's FTSE 100 is lower by 0.77%.
The September S&P 500 gapped down and was sharply lower overnight signaling a possible short-term top has been posted. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term.
Closes below the 20-day moving average crossing at 2080.82 are needed to confirm that a short-term top has been posted. If September extends this year's rally, weekly resistance crossing at 2133.40 is the next upside target.
First resistance is last Wednesday's high crossing at 2110.30. Second resistance is weekly resistance crossing at 2133.40. First support is the 20-day moving average crossing at 2080.82. Second support is the reaction low crossing at 2041.30.
In Asia, Japan -3.5% to 16019. Hong Kong -2.5% to 20512. China -3.2% to 2833. India -0.9% to 26396. In Europe, at midday, London -0.3%. Paris -1.4%. Frankfurt -1.3%. Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.5%. Crude -1.1% to $48.52. Gold +0.9% to $1287.20. Ten-year Treasury Yield -2 bps to 1.61%
LONDON (Reuters) - Fears that Britain may be on the verge of voting to leave the European Union next week coursed through global financial markets on Monday, sending Asian and European shares sharply lower and the pound to an eight-week low.
(Reuters) - Apple Inc is expected to show off new abilities for its Siri digital assistant on Monday by debuting tools to let developers work with the company's artificial intelligence. Apple's iPhone sales have begun to level off and it is turning increasingly to services for growth. Key to that is satisfying developers of apps, who want more from Apple: high on their list is better use of Siri. Apple has been working on letting Siri work directly with applications created by outside
NEW YORK (Reuters) - U.S. telecommunications rivals Verizon Communications Inc and AT&T Inc are set to go through to the third and final round of bidding in the auction for Yahoo Inc's core internet assets, according to people familiar with the matter.
SEOUL (Reuters) - South Korea's Hotel Lotte Co Ltd said on Monday it was indefinitely postponing its IPO worth up to $4.5 billion, as the wider Lotte Group reeled from the impact of a series of raids on group firms by prosecutors.
BEIJING (Reuters) - Siemens has no interest in becoming a white knight for German robot maker Kuka, which is the target of a 4.5 billion euro ($5.06 billion) takeover bid by Chinese home appliance maker Midea, Siemens' chief executive said.
(Reuters) - Wal-Mart has turned to the chief of its Chinese business Sean Clarke to revive Asda, its British supermarket group which has been the biggest casualty in an industry price war that has hammered its sales for nearly two years.
LONDON (Reuters) - Oil prices fell on Monday, weighed down by gloomy economic prospects in Europe and Asia and a related strengthening in the U.S. dollar, which makes fuel imports for countries using other currencies more expensive.
NEW YORK (Reuters) - A federal appeals court will consider on Monday whether a U.S. congressional committee and one of its former staff are immune from having to cooperate with an insider-trading investigation.
This week, the market's attention will be mostly focused on this week's two key central bank meetings, namely the Fed on Wednesday and the BOJ on Thursday.
Fed officials' meeting, on Tuesday and Wednesday, will conclude with release of their latest interest-rate decision, economic projections and a press conference with Chairwoman Janet Yellen. Earlier in the year, the meeting was considered a likely time for the central bank to raise its benchmark interest rate. Alas, with reality refusing to comply with the recovery "narrative", that possibility has been dashed when the latest jobs report showed a sharp slowdown in May hiring. Still, the projections and press conference will be parsed for clues for when a rate increase could come.
Elsewhere, with the Yen soaring to the highest levels since June, and getting danerously close to the USDJPY 100 level, at which the BOJ may have no choice but to boost its QE, perhaps in the form of buying even more equities via ETF purchases; one thing that is almost certain will not happen is further rate cuts now that global revulsion to NIRP has forced central banks to turn their back on this particular experiment approach.
A quick rundown of day by day events:
With little in the way of data today, we're jumping straight to Tuesday where we'll be starting in Japan with the final industrial production print for April. In Europe tomorrow we'll get the latest May inflation docket in the UK with CPI/PPI/RPI all due out, while also in focus will be the April industrial production report for the Euro area. Over in the US on Tuesday the big release is the May retail sales print where headline sales are expected to have ...
-- this post authored by Aaron Steelman and John A. Weinberg
Following the recession of 2007 - 09, annual U.S. economic growth rates have been below long-term trends. While there are plausible arguments that this sluggishness may continue for some time, there is good reason to think more rapid growth rates will return.
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