This week: today the stock markets will be closed in NY but it appears there will be computer trading; the stock index futures this morning are lower with trading to stop at 9:15. The bond market is functioning but won’t be normal through the day. This is employment week; Friday October unemployment rate is expected up 0.1% to 7.9% with non-farm jobs expected up 125K. The week has a lot of data to work through; Monday Sept personal income and spending is the only data. The bond and mortgage markets last week were essentially unchanged on the week but technically the markets are holding well at present levels. Monday and Tuesday are likely to be disruptive for financial markets.
With the weather early this week and the Presidential election next week the markets should be choppy but at the end of the week, about where they trade today. In Europe Spain continues to resist asking for help from the ECB; trying to squeeze a better deal from the EU on austerity cuts demanded before the ECB will buy Spain’s debt to keep its interest rates from increasing. Look for better interest rate markets today in what is likely to be quiet.
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