HSBC China’s preliminary manufacturing PMI sinks
China’s manufacturing activity contracted for the third month in a row in March, hitting an eight-month low, according to HSBC’s preliminary purchasing managers’ index (PMI) released on Monday.
housing
Morning Coffee Break
Welcomes to today’s Morning Coffee Break – U.S. markets are coming of the largest single day gains since early September. Depending on which analysts have the airways the move was due to an extreme oversold condition while others point to the growing confidence in a deal to avoid the fiscal cliff.
Grains Commentary
The overnight markets once again are attempting to rebound after yet another disappointing day yesterday. The beans are marginally higher, meal is down in the nearby contracts and higher marginally in the deferred, oil has gained 25-30 points, corn is up 2-3 while wheat has gained 3-4. The bottom line is that the overall market is in a quagmire right now and there is not much influential news.
Breaking News – Case-Shiller Index
Breaking News – Case-Shiller Index higher for the 6th month.
Financial Select Sector SPDR and the Bernanke Floor
As we approach the 4th and final quarter of 2012 coupled with the Bernanke floor thanks to the unlimited buying of mortgage backed securities banks like JP Morgan (JPM, quote), Wells Fargo (WFC, quote) and Bank of America (BAC, quote) should do well especially with large funds chasing for performance going into year end.
Morning Coffee Break
Welcome to today’s Morning Coffee Break – traders had a case of Deja vu yesterday as the U.S. markets traded similar to last week ahead of the European Central Bank (ECB) and U.S Federal Reserve meetings. U.S. futures are indicating a positive opening today with the Dow Jones fair value of 30.36, S&P 500 fair value of 2.33 and the NASDAQ’s fair value currently at 5.37.
Ahead of the Open Bell
Can U.S. markets move higher after a broad sell off Monday? Two weeks ago trader overcame the broad sell off but future’s today look basically flat in pre-markets with implied opens for Dow Jones at 13.34, S&P 500 0.03 and the NASDAQ at 2.26 as of 8:40 a.m. ET.
Breaking News – New Home Sales
Breaking News – U.S. New Home Sales Jump
Ahead of the Open Bell
U.S. markets seem to be following global markets lower as we kick off the last week of June. Investors are worried about the upcoming European Union summit that ruled not to have Greece leaders attend the summit.
Break News – Housing Starts
Break News – Housing Starts
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