Tomorrow’s EcoFin (Finance Ministers) meeting has been canceled.
Or maybe it was never scheduled in the first place.
Some major confusing (and worrisome) headlines just came out of Europe, and the market is diving.
What happened was this: Not long after 9:30, a headline hit Bloomberg that a meeting of Finance Ministers scheduled for tomorrow was not on.
This was presumably based off of statements by the Polish finance minister that a “full package” to assuage the crisis was not yet ready, and then confirmation by the U.K. that there would be no Ecofin meeting tomorrow.
Everyone glanced at the headline fast and read EcoFin and thought that that meant that the whole EU Summit was off. But cancellation of the EcoFin does not necessarily mean the EU summit is off.
And in fact, the next set of headlines confirmed that the main EU Summit is still on as planned.
But doesn’t the cancelation of EcoFin imply that the EU Summit is off the rails?
Not necessarily. According to CNBC’s Steve Liesman, it’s not clear that the EcoFin meeting was even planned, and though they usually do meet ahead of the EuroGroup leaders, in this case, they may just be there for technical implementation of whatever is decided.
Markets have recovered considerably, though the S&P is still of about 0.7% right now — actually impressive when you add in the fact that the econ data was pretty mediocre.