After spending much of the morning up, markets are now negative.
France’s CAC 40 is down 0.4%.
Germany’s DAX is down 0.4%.
Spain’s IBEX is down 1.1%.
This follows Greece’s first bond sale in four years.
The debt-laden country managed to sell 3 billion euros (or around $US4.16 billion) of 5-year bonds at an interest rate of 4.95%.
Demand was huge. WSJ’s Katie Martin noted around 550 accounts placed orders. Demand for the 3 billion euro bond sale was actually closer to 20 billion euros.
Still, Greece’s economy remains in trouble.
This morning, we learned that the unemployment rate was at 26.7% as of January. While this is down from 27.2% the month prior, it’s still far above the 8.9% level booked in January 2009.
Meanwhile, U.S. future are in the red. Dow futures are down 37 points. S&P 500 futures are down 4.4%.
Later this morning, we’ll get the latest weekly report on initial unemployment claims. Economists estimate claims fell to 320,000 from 326,000 a week ago.
Here’s a look at how Dow futures have been moving.