LONDON -- The Dow Jones Industrial Average
G7 ministers are holding a teleconference at 7 a.m. EDT to discuss the problems in Europe, and it is expected the meeting will increase pressure for a European banking union, with centrally backed bailout deals for Spanish banks. Support for greater eurozone integration appears to be growing after both the French government and the European Commission indicated their support for a eurozone "banking union."
Overnight, Spanish treasury minister Cristobal Montoro joined the calls for centralized European refinancing for Spanish banks and said that the current risk premium attached to Spanish government bonds indicates "that as a state we have a problem in accessing markets when we need to refinance our debt." Spain's next scheduled government bond auction is later this week.
European economic data released today showed that German industrial orders fell by 1.9% in April, worse than expected and the biggest drop since November. Service-sector PMI data was also disappointing, showing that contraction continues in Spain, France, and Italy, while Germany's service sector is slowing with a PMI of 51.8, just above the growth threshold of 50.
London markets are closed again today for a public holiday, leaving the FTSE 100
No major company earnings data is due today, but shares in Starbucks
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