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Equities Looking to Rebound as Dollar Weakens
Equities shed 1% yesterday on heightened debt concerns following a Moody’s report voicing worry over the growing debt in the UK and the US. One hour before the opening bell, equity futures are on the rebound with the benchmark S&P 500 up 5.25 points to 1,095.rnrnCommodities are also on the rebound as the US reverses course after appreciating against a basket of currencies yesterday. WTI Crude oil is trading $1.06 higher at $73.68 per barrel and Spot Gold is up $13.50 to $1,141.90.
Treasury Moves to Improve the Loan Modification Process
In written remarks to the House Financial Services Committee, Assistant Treasury Secretary Herbert Allison expressed disappointment in the progress of converting the hundreds of thousands of borrowers now in a trial modification period into permanently restructured loans.
Futures Down Ahead of Slow Data Day
Less than an hour before the opening bell, futures on the S&P 500 are down 10 points to 1,103 and the 10 year Treasury note is up 14/32 yielding 3.373%. The Wall Street Journal reports this morning that Moody’s wants the US and the UK to prove their ability to reduce budget deficits in order to maintain AAA credit ratings.rn
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