Quiet start again this morning. The SPX was up each day last week (albeit, small up days, so only about 1% higher on the week), with light volume throughout, but marking the fifth straight week of gains. Today’s start seems no different, indicating a 0.1% higher open in the futures market right now.
Europe continues to lead the rally. Asia has actually closed in the red the past 2 days, only to see global risk rally shortly after the European open. The Shanghai Composite closed down 1.5% overnight as the weakest market, while Spain and Italy are the strongest markets overnight, both up about 1%.
- Light news day. Japan’s GDP came in at 1.4% vs. the expected 2.3%, though markets there did not react much.
- Standard Chartered is pushing for a settlement with New York regulators regarding its Iranian sanctions evasion
- G20 leaders are planning a meeting in the fall to lower global food prices (maybe a rain dance?)
- Bonds, the dollar, and commodities close to flat (Euro and oil exceptions, both higher)
- Decent amount of economic data later in the week (no releases today). Retail Sales on Tuesday and Philly Fed on Thursday likely the most important.