But what about Egypt and surging oil prices, and the beginning of the correction? That can be saved for another time.But first, the scoreboard:
And now, the top stories:
- Well obviously “today” started last week when Egypt began to riot, setting the stage Friday’s carnage, and a weekend of more rioting/protesting. Initially this set a grim mood for today’s action. The euro and the aussie immediately sold off in early trading, and generally Asian markets (with the exception of Shanghai) had a rough day.
- But as the early morning ticked away, Friday’s bloodshed became a more and more distant memory. Early on gold started giving back gains, the dollar fell, and stocks began to rise.
- In terms of econ data, there wasn’t too much that wasn’t too market-moving. Personal Income & Spending came in right in line. Chicago PMI came in strong. Dallas Fed Manufacturing was up, but a bit weaker than expected. Later in the day, the new Senior Loan Officers survey confirmed the trend: more loosening of standards, but still pretty anemic.
- The story is still Egypt, Egypt, and more Egypt. It was blamed for a second day of big gains in the oil market, but there’s clearly a hope that somehow it will abate without a total tailspin, or at least not much of a spillover into other regional markets. Somewhat surprisingly, the Egypt ETF (EGPT) spiked today (despite the fact that the actual Cairo exchange is closed, and nobody knows when it will open).
- Tomorrow is expected to be a huge day for the revolution, as protestors are calling for a nation-wide “Million Man March.”
- Another thing to watch: Another monster cyclone is barreling its way towards Australia, bringing with it attendant havoc. Click here for pictures of the current flood >