Sunday, November 06, 2011

Sunday Night Futures

by Bill McBride on 11/06/2011 10:55:00 PM

Greece is trying to form a coalition government, and the current Greek Prime Minister George Papandreou is expected to resign on Monday. Meanwhile in Italy ...

From Bloomberg: Berlusconi’s Majority Unravels as Defections Mount Before Key Budget Vote

Prime Minister Silvio Berlusconi’s majority is unraveling before a key parliamentary vote tomorrow, with allies pressuring him to step aside after contagion from the region’s sovereign debt crisis pushed Italy’s borrowing costs to euro-era records.
From the NY Times: For Markets in Europe, the Focus of Fear Moves to Italy
Among fresh warning signs, Italy’s cost of borrowing has jumped to the highest rate since the country adopted the euro. Others signs include pressures building in the plumbing of Europe’s banking system. While those pressures are not yet at the levels experienced during the 2008 financial crisis ... they are high enough to cause worry, analysts say.
The Greek 2 year yield is down to 98%, and the Greek 1 year yield is up to 236%.

The Portuguese 2 year yield is at 20.1% and the Irish 2 year yield is up to 9.2%.

The Spanish 10 year yield is at 5.58% and the Italian 10 year yield is at 6.37%.

The Asian markets are mixed tonight. The Nikkei is down about 0.5%, the Hang Seng is down slightly.

From CNBC: Pre-Market Data and Bloomberg futures: the S&P 500 and Dow futures are down slightly.

Oil: WTI futures are up to $94.79 and Brent is up to $113.13 per barrel.

Yesterday:
Schedule for Week of Nov 6th
Summary for Week Ending Nov 4th