US stock future indexes are up sharply (SPY +1.1%) as fears of a BREXIT ease. Crude prices are up higher (WTI 49.61) and climbing as the US dollar falls precipitously. World equities have their rally caps back on after weekend polls suggested Britain was more likely to vote to remain in the EU in Thursday's referendum.
Here is the current market situation from CNN Money
European markets are sharply higher today with shares in Germany leading the region. The DAX is up 3.61% while France's CAC 40 is up 3.58% and London's FTSE 100 is up 3.30%.
HOUSTON (Reuters) - Two years into the worst oil price rout in a generation, large and mid-sized U.S. independent producers are surviving and eyeing growth again as oil nears $50 a barrel, confounding OPEC and Saudi Arabia with their resiliency.
NEW YORK (Reuters) - After dropping more than $200 billion in market capitalization in one year, Apple shares could fall further as they are set to lose their weighting and be reclassified in the annual reconstitution of the widely followed Russell indexes.
LONDON (Reuters) - Oil rallied on Monday, lifted by a wave of investor confidence and a weaker dollar after polls showed a diminishing chance that Britain may vote to leave the European Union later this week.
(Reuters) - Buyout firm Francisco Partners and the private equity arm of activist hedge fund Elliott Management Corp are in advanced talks to acquire Dell Inc's software division for more than $2 billion, three people familiar with the matter said.
DUBAI (Reuters) - U.S. theme park company Six Flags Entertainment Corp plans to expand to Saudi Arabia, its chief executive told Saudi-owned Arabiya TV on Monday, bringing roller coasters and bumper cars to the ultra-conservative kingdom.
While every trader is tansfixed on this Thursday's Brexit referendum outcome, dubbed the year's biggest risk event (at least so far), there is a full docket of economic events in store.
Following on from a frantic last week, it's a quiet start to proceedings today with the latest German PPI print the only data of note on either side of the Atlantic, as DB's Jim Reid recaps.
Tuesday is a little busier for data with the German ZEW survey for June expected to show a modest increase, while UK public sector net borrowing data for May is also due to be released. Again, there's no data due out in the US.
The economic data of note on Wednesday comes in the afternoon where we will get the June consumer confidence reading for the Euro area as well as US existing home sales data and the FHFA house price index. China will also release its May leading economic index.
The data calendar finally kicks into gear on Thursday. During the Asia session we'll get the leading index out of Japan along with the Nikkei manufacturing PMI. During the European session meanwhile we'll get the flash services, manufacturing and composite June PMI's for the Euro area, Germany and France. Little change is expected for the Euro area. Also due out on Thursday morning will be French confidence indicators. Over in the US meanwhile we'll get a random splattering of data including the Chicago Fed national activity index, initial jobless claims, flash manufacturing PMI, new home sales, leading index and Kansas City Fed's manufacturing survey.
We close out the week on Friday in Europe with the final revision to the Q1 GDP report for France and German IFO survey for June. Meanwhile in the US we finish the week with the first take of the May durable and capital goods orders data, as well as the final June reading for the University of Michigan consumer sentiment survey.
Of course, as noted above, the big event next week however is away fro ...
Some thoughts on today's dramatic global "risk on" stock ramp from Mark Cudmore, a former FX trader who writes for Bloomberg
The Definition of Respite
Today's Brexit sentiment-related rally seen across global financial assets will soon dissipate. Far from being a turning point, the next few days will be dominated by fear and risk aversion.
Respite is "a short period of rest or relief from something difficult or unpleasant" according to the Oxford English Dictionary. That almost perfectly wraps up the view across global markets going into the European session.
The latest poll put the Remain vote ahead after last week showing Leave with the higher count. Bookies' odds of Brexit have also lengthened sharply. Whatever your view on the reliability of pre-referendum surveys, the important point is that the outcome remains uncertain even if it seems unlikely that Britain will leave the EU.
The referendum is the single biggest risk-event in 2016. No major money manager can afford the consequences of being wrong if they significantly increase their risk exposure this week.
The bravest and most nimble can perhaps punt on sentiment moves. But that is only day-traders and the most opportunistic of hedge funds, and they are a minority of money flows.
For the next few days, the stronger players will either be sitting on their hands or increasing their Brexit hedges.
Given the lack of liquidity in the market and reduced risk appetite, any major hedging flows will impact markets significantly. This will only add to nervousness and increase hedging pressures further yet again.
Markets will remain sensitive to all headlines and developments either for or against departure. But the relief rally will soon fade and, globally, most risky assets will trade weaker by Thursday.
-- this post authored by W. Scott Frame, Kristoper Gerardi, and Joseph Tracy
Homeownership has long been a U.S. public policy goal. One of the many ways that the federal government subsidizes homeownership is through mortgage insurance programs operated by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the USDA's Rural Housing Service (RHS). These programs facilitate home financing opportunities for first-time and low- and moderate-income homebuyers.
On November 16, 1914, the Federal Reserve Bank of Richmond opened its doors, with fewer than 50 employees, in a former store building at 1109 East Main St. It was one of 12 regional Reserve Banks that were opening across the nation and that, along with the Board of Governors in Washington, D.C., made up the new Federal Reserve System. But why did Richmond get a Fed?
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