Photo: bronclune via flickr
Boy, things have gotten quiet in markets.Michel Block of Phoenix Partners sums it up:
We’ve gotten to the point where a five handle range overnight seems exciting. SPUs are up 3 within that range as we come into 7AM ET. The Euro Stoxx is up 16 bps at this hour, with France outperforming after some better than expected data, and Spain and Italy continue to lag on the same respective corruption and political issues that have magically plagued them right after every politician on earth crowed that Europe’s problems were solved. Most of Asia was closed overnight and that has dampened activity and likely volatility as well, but as the EU Fin Mins meet and the G20 Fin Mins prepare to meet at the end of the week, a lot of jawing may kick up more dirt than expected. Happy Monday!