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Sunday, June 17, 2012

Sunday Night: Asian Stocks and US Futures Up

by Calculated Risk on 6/17/2012 09:17:00 PM

The election in Greece was THE story on Sunday. New Democracy received the largest percentage of the vote - around 30% - and they still need to form a coalition government. There is no way they can meet the terms of the memorandum - so even if a government is formed, this will blow up again without further concessions. Meanwhile the Greek economy is collapsing and the unemployment rate is at record levels. Very sad.

For a few questions about what comes next, see from Joseph Cotterill at the Financial Times Alphaville: Greece, the post-election questions

• At 10:00 AM ET on Monday, the June NAHB homebuilder survey. The consensus is for a reading of 29, unchanged from May. Although this index has been increasing lately, any number below 50 still indicates that more builders view sales conditions as poor than good.

The Asian markets are up tonight. The Nikkei is up about 2%, and the Shanghai Composite is up 0.5%.

From CNBC: Pre-Market Data and Bloomberg futures: the S&P 500 futures are up about 9, and Dow futures are up 90.

Oil: WTI futures are up to $85.21 (this is down from $109.77 in February) and Brent is up to $99.20 per barrel.

Summary for Week Ending June 15th
Schedule for Week of June 17th
For the monthly economic question contest (three more questions for June):