After Early Rally, Markets Are Now Heading Lower

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ORIGINAL POST, SEE UPDATE BELOW: The week begins, and things are very quiet.Markets are generally drifting higher, but not radically so.

Spanish stocks are up 0.7%.

Italy is up 0.1%.

Germany is up 0.6%

US futures are up modestly.

Asia was very quiet, thanks to a series of holidays, though Korea’s KOSPI did gain 0.2%.

Don’t expect the calm to last.

This is going to be one of the busiest weeks in a long time >

UPDATE: And now markets are drifting lower. Spain is in the red. Italy and Germany are flat, and US futures have given up their gains. Oh well.

UPDATE 5:20 AM: And things are getting even worse, with big markets now down about 0.5%. News of hotter than expected inflation seems to be hurting the market, as that makes it even harder for the famously inflation-minded ECB to cut rates.

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