Greece is the word…of caution
World markets have been in cautious mode so far today with the price of oil having slipped yesterday from its gains earlier in the week and a breakdown of talks aimed at settling a potential default by the new government in Greece. The European Central Bank has banned the use of Greek government bonds to guarantee the country’s bailout debt and has said that talks to sort the debt issue have stalled. Even the Chinese government’s policy change to allow banks to reduce their level of reserves, its latest stimulus measure, has done little to boost sentiment and Asian markets have closed mostly lower. In Europe of course Greece is a bigger concern and all the major indexes are lower so far with the exception of Germany where stronger-than-expected factory orders data has boosted the index. US stock futures are trending higher along with gold and oil.
Chain Store Sales
Challenger Job-Cut Report at 7.30am ET
Gallup US Payroll-Population at 8.30am ET
International Trade at 8.30am ET
Jobless Claims at 8.30am ET
Productivity and Costs at 8.30am ET
Bloomberg Consumer Comfort Report at 9.45am ET
EIA Natural Gas Report at 10.30am ET
Gartner, Netgear and Twitter are among those reporting earnings today.
Warren Buffett plans global expansion, predicts interest rate freeze
Billionaire Warren Buffett says he wants to buy more businesses abroad with Europe high on his shopping list. Buffett’s business empire is largely based in the US but he has told Fox Business that he wants to widen his footprint. Buffett also commented on US interest rates; he believes that with the global economy stalling it would be “difficult” for the Fed to make any changes this year.
Staples to buy Office Depot for $6.3 billion
Staples has announced its intention to buy Office Depot in a deal worth $6.3 billion. The firm will pay $7.25 per share to Office Depot shareholders and hopes to conclude the deal by the end of the year. There will likely be hurdles to overcome though with competition regulators expected to investigate.