With CEO Annie Seelaus
Very different tone this morning walking in with global equities all up significantly in response to headlines that Greece is ready to compromise with creditors. Main credit headline this morning is Ace's announcement that they will be buying Chubb.
Global equities are taking a dive, as the markets face the Monday morning reality of a probable Greek exit from the Euro zone. As emergency aid to the country is now frozen, a default on tomorrow's debt payment seems likely.
Another day, another Greek headline setting the tone. This morning European officials are indicating that they have the preliminary workings of a deal with Greece and global equities are reacting favorably.
Another strong start for equity as Greece edges towards a deal with creditors. Treasuries remain range-bound ahead of the Durable Goods, New Home Sales, and Manufacturing PMI numbers due out later this morning.
Global equities are flying on optimism that European officials are on the brink of a deal with Greece on bailout terms. The credit market is tighter across the board and municipals are weaker this morning after rallying for most of last week.
Munis are stronger this morning after mixed trading post-Fed yesterday. We saw strong demand in the front end of the curve but few buyers of long end paper. PR debt continues to be extremely quiet heading into the July 1st payments.
Focus today will be on the Fed meeting, though the market seems to be in agreement that we won't see any unexpected rate hike at this session. Ahead of that announcement global equities are mixed. Oil up again at $61 last.
Equities are down and will likely continue to be until there is some clarity about Greece. The Fed begins its two-day meeting today with a rate announcement due out tomorrow. Treasuries continue to rally and oil is holding steady.
Weak tone in the markets this morning after negotiations between Greece and their creditors fell apart. US equities are in the red and Treasuries are rallying, with the 10yr last at 2.363%. Wednesday is the Fed meeting and rate announcement.
Firm tone to the markets this morning: equities are up as Greece renews their commitment toward a deal and Prime Minister Tsipras meets with European leaders to that end, and Treasuries are rallying a bit as New York walks in.
Stocks, Bonds & Beyond
With Founder and Chairman Rich Seelaus