Good morning Andrew,
The Dow Jones Industrial average is pointing to a stronger open , tracking European shares higher after Euro zone ministers ratified the terms of a bailout agreement for Spain's banking sector, and as traders speculated that Germany's top court would approve the European Union's permanent bailout fund.......Spain was given an extra year to meet a 3 percent budget deficit target...... In addition, Euro zone finance ministers agreed that its banking sector will be able to access up to 30 billion Euros ($36.9 billion) in funding by the end of the month, while the final figure of the bailout , which could yet push the 100 billion Euro limit agreed to, should be known on or around July 20.......The ministers' actions are pushing European stocks higher by 1%-1.4%.....The Dow is being called to open 60 points higher....
So far; metals are quiet to a shade higher as the Euro currency seems to be non fazed by the Spanish news....The Euro sits at $1.2315 off 1/100th of a cent versus the U.S. Greenback.....Silver is unchanged at $27.59 up 10 cents......Gold is $4.00 higher at $1593.00 per ounce.....Palladium is $588.00 up $3.00.....Platinum remains unchanged at $1449.00....
In the energy sector the price of Oil is 44 cents lower at $85.55...Traders point to China's larger than expected decline in it's imports for the selling....Exports remain strong....
Meanwhile, U.S. corporate earnings season has gotten under way....Alcoa Inc. late Monday unofficially kicked off earnings season with quarterly adjusted earnings and revenue above Wall Street's expectations, while Advanced Micro Devices Inc. shares dropped after the chip maker warned that its quarterly results will fall short of Wall Street's targets.....That's it.....Have a good morning.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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