LONDON -- Markets are expected to open broadly flat this morning, with futures markets pricing in a 0.1% opening fall for the Dow Jones Industrial Average
CNN's Fear & Greed Index has risen to reflect the improvement in sentiment, abandoning the Extreme Fear rating of recent weeks and moderating to give a reading of 31, which is classified as Fear. Readings above 50 indicate Greed.
Economic data that is due today relates to jobs and housing. The Home Builders' Index is expected to have fallen from 29 in May to 28 in June, while April's job opening figures may provide some clues about underlying trends in the employment market.
In Europe, most markets have managed a small gain this morning, but there has certainly not been any euphoria following the Greek election results. Although Greek looks set to have a pro-bailout coalition government built around its New Democracy and Pasok parties, there is a strong sense that the problems facing Greece, Spain, and Italy remain unchanged and unresolved.
In recognition of this, 10-year Spanish and Italian bond yields rose strongly this morning. At 7:00 a.m. EST, the yield on Spanish 10-year government bonds was 7.13%, firmly above the 7% threshold that triggered bailouts for Ireland, Portugal and Greece. This is the first time that Spanish bond yields have exceeded 7% since the creation of the euro. Italian bond yields also rose, settling just above 6%.
At 7:00 a.m. EST, most European markets were up slightly -- the FTSE 100
No major earnings announcements are due today, but companies that may be active in trading today could include Microsoft
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