Stock Futures Rise Amid Hopes for China Stimulus
Over the weekend in Camp David, Md., G8 summit leaders expressed to German Chancellor Angela Merkel their desire to see more effort put into bolstering eurozone economic growth, though their urging didn't result in any firm commitments nor specify whether countries with the ability to ramp up growth should have to do this.
Leaders from the top economies said in a statement that their goal is to "promote growth and jobs." This was a departure away from the view in favor of eurozone-wide austerity measures targeting burgeoning budget deficits.
"The right measures are not the same for each of us," they added.
Towards the end of the summit, President Barack Obama added, "We agreed upon the importance of a strong and cohesive eurozone and affirmed our interest in Greece staying in the eurozone while respecting its commitments."
London's FTSE was up 0.6% and the DAX in Germany was rising 0.8%.
"The current uncertainty regarding the economic outlook stemming from the ongoing European crisis will likely forestall any additional easing at the June FOMC meeting," UBS economist said in an investor note. "The available supply of securities to purchase is not, we believe, sufficient to allow for both a QE3 and any subsequently-required program in the near term. However, this constraint will ease over time as Treasury issuance continues."
The U.S. economic calendar on Monday is clear.
The Hang Seng Index in Hong Kong finished 0.2% lower and Japan's Nikkei average closed up 0.3%.
The benchmark 10-year Treasury was falling 11/32, lifting the yield to 1.76%. The greenback was falling 0.2%, according to the dollar index.
The July crude oil contract was up 37 cents at $92.17 a barrel. June gold futures were down $1.20 to $1,590.70 an ounce.
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