German High Court rejects anti-bailout lawsuits. A collective sigh of relief could be felt around European markets after Germany's Constitutional Court today rejected lawsuits aimed at blocking the country's participation in EU bailouts. However, the court did say that parliament's budget committee must provide approval before the aid is given, which could further slow down Europe's response to the debt crisis. The euro rose against the dollar following the judgement but then pared those gains, and was +0.2% in midday European trading.
Italian austerity package due for vote. The Italian Senate is due to vote today on a widely criticised austerity package aimed at strengthening confidence that the country is serious about cutting its crippling debt. After promising various measures to persuade the ECB to buy Italian bonds and then backsliding on those pledges, the government yesterday reinforced the proposals to include a VAT increase, a tax for high earners, and raising the retirement age for women. Should the bill pass the Senate, it will go to the lower house for approval.
Today's Markets:
In Asia, Japan +2.0% to 8763. Hong Kong +1.7% to 20048. China +1.8%to 2516. India +1.2% to 17065.
In Europe, at midday, London +1.9%. Paris +2.8%. Frankfurt +2.8%.
Futures at 7:00: Dow +1%. S&P +1.2%. Nasdaq +1.1%. Crude +0.9% to $86.77. Gold -1.55% to $1844.30.
Wednesday's economic calendar:
7:00 MBA Mortgage Applications
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales
11:15 Fed's Evans: U.S. monetary policy
2:00 PM Fed's Beige Book
4:00 PM Fed's Williams: Economic Outlook
http://seekingalpha.com/article/292038-wall-street-breakfast-must-know-news
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