Greek Vote Barely Passes, Stocks Tumble
Today's financial recap and tomorrow's financial outlook.
The European Central Bank (ECB) and Bank of England (BOE) made their monthly rate decisions. The ECB kept rates unchanged, as was expected, and only reiterated its stance that it was up to governments to activate the OMT bond purchases, not the ECB. The BOE neglected to expand its bond purchase program, stating that it questioned the efficacy of QQE purchases.
The 30-year Treasury bond auction saw increased demand from overseas buyers, more than 50% higher than normal. The auction priced at 2.820%, 3 basis points lower than the 2.850% yield shortly before the auction. Foreign buyers were likely purchasing protection from the arrival of the fiscal cliff or continued weakness out of Europe.
Pre-market, Kohl's (NYSE:KSS) beat earnings at $0.91 compared to $0.87 estimates and reported in-line earnings at $4.49 billion. Earnings guidance for the coming quarter was raised to $2.00-$2.08, beating the $2.16 estimate. Post-market, Groupon (NASDAQ:GRPN) reported in-line earnings at breakeven and missed earnings at $568.6 million against estimates of $591.0 million.
Tomorrow's Financial Outlook
Tomorrow in the US, the first estimate of the University of Michigan's Confidence Statement and the import price index will be released. Economists are expecting the consumer confidence poll to rise to 83.0 from last month's 82.6. Note that last week, the Conference Board's Consumer Confidence poll rose to 72.2 from 68.4 the month prior.
Globally, China will release a slew of economic data. The reports include the consumer price index, producer price index, industrial production, and retail sales.
In earnings, J.C. Penney (NYSE:JCP) will report pre-market.
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