- U.S. jobless claims fall 6,000 to 386,000.
- U.S. 1 qtr GDP comes in at unrevised +1.9% as expected .
- U.S. Supreme Court upholds (5 to 4 vote) Obama’s healthcare law.
- EU Summit still working on short term solutions for Spain and Italy.
- Merkel canceling tonights press conference. Talks on growth accord continue.Speculation now leaders nearing some sort of agreement to halt contagion from debt crisis.Euro and US stocks bouncing back.
- Eurozone looking closely at Finnish bond proposal.
- France: Goverment operating cost will drop 7% in 2013 vs 2012.
- Barclays calling for Euro at $1.1500 (expecting .5% ECB cut).
- Samaras states again :Greece determined to meet obligations .
- JP Morgan’s losses looking more like $5 bln rather than the earlier reports of $9 bln helping equities cut their losses.
- S&P down .21%
- U.S. 10 year yield 1.59% down 3bp
- Gold $1,556.00 down $18.50
- WTI $78.50 down $1.75
Market saw most of the majors rebound late on EU summit hopes. After spending most of the day testing recent lows and support areas ( Aud 1.0000, Cad 1.0360, Eur 1.2405, Gbp 1.5480 ) We are closing on a firmer tone . Euro now back above this mornings NY opening level of 1.2440. Usd /Jpy of course was on the sidelines most of the day trading around the 79.40 level. Tomorrow we play the EU summit wait and see who’s going to speak first game . Key levels again in the Euro above 1.2480 and below the support at 1.2400. Good Luck.
