(As of 7:15 am PST)
It’s a very quiet day for
markets today. US stocks opened near the unchanged line and are mildly lower in
the early going. With an empty economic data calendar today, investors turned
to the drama that continues to unfold in the Greek debt negotiations. Lack of
progress in the negotiations this week has led to an emergency summit on
Monday, just days ahead of an already scheduled EU leaders meeting. The
European Central Bank on Friday approved an emergency lending program to
Greece’s banking system as cash withdrawals out of Greek banks continued to
increase. Monday’s meeting will be an important day for Greece and its
creditors as they look to find a solution to Greece’s debt crisis before time
runs out. In other markets, most Asian indexes finished higher Friday despite a
record pummeling on the Chinese Shanghai composite index. Chinese stocks
finished down 6.4% Friday, for losses of 13.3% on the week. It was the worst
week in more than seven years for China as high valuations and record levels of
margin debt have investors worried over China’s ability to maintain this pace
of growth. Gold is higher today while oil is down slightly. Interest rates are
down while the US dollar index increased slightly.
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