This morning, the S&P 500 Index e-mini futures (ES-M2) are trading lower by 10.75 points to 1304.00 per contract. This decline in the futures market comes as investors fear the exit of Greece is nearing. An event such as this could spill over into Spain, Portugal, Italy, and other European Union members. This fear is evident as the U.S. Dollar Index futures (DX-M2) rally higher again before the opening bell. When money pours into the U.S. dollar it is because investors are fleeing the euro currency. The CurrencyShares Euro Trust (NYSEARCA:FXE) will likely be under pressure to start the day. The ProShares UltraShort Euro (ETF) (NYSEARCA:EUO) is already trading higher in the pre-market.
Last night, all of the leading Asian stock indexes came under selling pressure. The Nikkei 225 Index (Japan) was the biggest loser falling 1.98 percent. This decline in the Japanese market tells us that the Japanese ADR's could be under selling pressure today if the U.S. markets are weak. Some leading ADR's such as Sony Corporation (ADR) (NYSE:SNE), Canon Inc. (ADR) (NYSE:CAJ), and Panasonic Corporation (ADR) (NYSE:PC) could all be volatile during the trading session.
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European Summit Will Likely Keep Markets Guessing
Published 05/24/2012, 03:36 AM
Updated 07/09/2023, 06:31 AM
European Summit Will Likely Keep Markets Guessing
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