Daily Market Commentary for June 29, 2011
Greece's parliament has passed a controversial five-year austerity plan that the country has promised its international creditors, with 151 votes out of 300 members voting in favor. (read more at Millennium-Traders.Com)http://www.millennium-traders.com/news/newscommentary.aspx
After top senators agreed to extend a program that helps out-of-work Americans Free-trade proposals with South Korea, Panama and Colombia could be one step closer to approval. Leaders of both parties on the Senate Finance Committee agreed to renew a program that gives financial aid to workers who lose their jobs because of trade-related issues. The program with roots that trace back to 1962 was sharply expanded two years ago as part of the Obama administrationâ€™s $830 billion stimulus - a program with newly expanded authority which expired in February. â€œNow it is time to move forward with TAA and with the Korea, Colombia, and Panama trade agreements, which will support tens of thousands of jobs,â€ said Jay Carney, President Barack Obamaâ€™s chief spokesman.
Securities regulators, responding to concerns that some banks sold investors securities that were fraught with conflicts of interest, acted to issue new rules on how major financial institutions run their derivatives businesses. The landmark financial overhaul written in the wake of the financial crisis of 2008, received votes from all five commissioners at the Securities and Exchange Commission to move forward with the latest set of regulations to be mandated by the Dodd-Frank Act. Goldman Sachs Group (NYSE: GS), JP Morgan Chase & Co. (NYSE: JPM) and Morgan Stanley (NYSE: MS) - so called 'security-based swap dealers' - would be required to disclose to counter-parties, material information about their derivatives deals, including material risks, characteristics, incentives and potential conflicts of interest, under the proposed rules. â€œThe rules we are proposing today would level the playing field in the security-based swap market by bringing needed transparency to this market and by seeking to ensure that customers in these transactions are treated fairly,â€ said SEC Chairwoman Mary Schapiro.
Comments from Federal Reserve Governor Sarah Bloom Raskin: Paints grim picture of U.S. economic recovery; underscores Fed mandate to boost jobs, signaling support for easy-money policy; impact of U.S. recession still lingering; jobs market actually worse than 9.1% unemployment rate indicate; low-income Americans must take part in recovery.
Economic data released today:
MBA Mortgage Applications: U.S. MBA Market Index -2.7% at 534.9 compared to last week 549.9; U.S. MBA Purchase Index -3.0% at 180.3 compared to last week 185.8; U.S. MBA Refinance Index -2.6% at 2,604.4 compared to last week 2,675.2.
Pending Home Sales from NAR: U.S. May Pending Home Sales +13.4% from May 2010; U.S. Pending Home Sales Index +8.2% to 88.8 in May.
Chicago Fed Financial Conditions Index: -0.50 in week to June 24.
Crude Oil Inventories as released by DOE: U.S. Refineries ran at 88.1% vs. seen 89.40%; U.S. Distillate Stockpiles +0.258 Million Barrels in week vs. seen +1 Million Barrels; U.S. Refineries ran at 88.1% vs. 89.2% week ago; U.S. Distillate Stockpiles +0.258 Million Barrels at 142.252 Million Barrels; U.S. Gasoline Stockpiles -1.428 Million Barrels in week vs. seen +0.1 Million Barrels; U.S. Gasoline Stockpiles -1.428 Million Barrels at 213.173 Million Barrels; U.S. Crude Oil Stockpiles -4.375 Million Barrels in week vs. seen -1.6 Million Barrels; U.S. Crude Oil Stockpiles -4.375 Million Barrels at 359.469 Million Barrels.
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