Just Tuning In? You've Missed A LOT This Morning

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Photo: Wikimedia Commons

If you’re just tuning in, you’ve basically missed the entire day.But no worries, we’ve got you covered to tell you what you missed.

We’ll just do this chronologically:

  • Early on: Stocks mostly up, but massive blowout again in Portuguese debt again. CDS wider across the board. US futures slightly higher.
  • 7:00 AM: the BOE decided to hold interest rates steady. That was totally expected.
  • 7:45: The ECB hiked interest rates by 25 basis points. Again, totally expected
  • 8:15 AM: ADP jobs report smashed expectations. That continues the streak of good news that we’ve been getting. Futures, which had been up modestly before that, really jumped up.
  • 8:30 AM: Initial claims came in slightly better than expected, continuing the good times that started with ADP.
  • 8:30 AM: Jean-Claude Trichet gave his press conference, and didn’t say the words “strong vigilance”, which means that we probably won’t get a rate hike soon, which means the euro tanked some more.
  • On corporate news: eBay has announced the acquisition of Zong and Apple announced that it’s sold over 15 billion apps since inception.
  • All morning: Pretty strong retail same-store sames numbers were coming out. Also, lots of buzz about a thaw in the debt ceiling negotiations.

All told: Stocks up, dollar up, European equities up, commodities up big.

For more on what happened this morning see here.

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