Here is what you need to know.
Greece has 2 weeks worth of cash. According to the Frankfurter Allgemeine Sonntagszeitung, Greece will run out of cash on April 8 at its current burn rate. The debt-ridden country must present a new list of reforms to its creditors before receiving its next cash infusion. Greek Prime Minister Alexis Tsipras is in Berlin today for talks with German Chancellor Angela Merkel.
Crude oil is tanking again. West Texas Intermediate is down 1.9% to $US45.69 per barrel. Traders will be watching the $US42 level closely as a breakdown would make for the lowest print since 2009.
Spain’s anti-euro party is gaining momentum. The anti-austerity Podemos party captured 15 seats in Andalusia’s regional parliamentary election. However, the socialists maintained their grip on the region, winning 35%, but fell short of a majority. Prime Minister Mariano Rajoy’s People’s party finished 2nd, with 27% of the vote, but saw took just 33 seats, down from 50. Spain’s 10-year yield is higher by 2 basis points at 1.20%.
Singapore’s first elected prime minister, Lee Kuan Yew, has died. The New York Times notes Lee, “led Singapore from 1959, through its tumultuous separation from Malaysia in 1965, and remained at the helm until 1990.” He was 91. Singapore’s dollar is stronger by 0.4% at 1.3730 per dollar.
ECB head Mario Draghi will speak in Brussels. Mr. Draghi is scheduled to testify on monetary policy in front of the European Parliament’s Economic and Monetary Affairs Committee. The testimony begins at 10 a.m. ET. The euro is up 0.5% at 1.0875.
New York is investigating Deutsche Bank for Libor manipulation. According to the FT, New York’s financial services regulator, Benjamin Lawsky, has announced an investigation into the possibile manipulation of Libor. The German investment bank is currently in talks to settle a similar suit filed by the US Justice Department.
New York Senator Chuck Schumer is calling for an investigation of Lumber Liquidators. Schumer’s office suggested the Consumer Product Safety Commission should investigate “the safety of Chinese-imported wood flooring material from Lumber Liquidators, and to initiate recalls or other disciplinary action if the product is found to be dangerous.” The company has responded, offering free air quality tests.
Gilead warned of complications related to its hepatitis C drugs. Bloomberg reports Gilead has warned providers its hepatitis C drugs, Sovaldi and Harvoni, are creating complications when taken with heart treatment amiodarone. The combination is said to produce abnormally slow heartbeats.
Global stock markets are mixed. China’s Shanghai Composite (+2%) led Asian markets higher while Germany’s DAX (-1.2%) paces the decline in Europe. S&P futures are down 4 points.
US economic data is light. Existing home sales will be released at 10 a.m. ET.Economists estimate that the pace of sales increased 2.0% in February to an annualized rate of 4.92 million units.
NOW WATCH: Nationwide’s Super Bowl commercial about dead children is about corporate profits … in a way that we can all appreciate
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.