Tuesday morning, the S&P 500 Index e-mini futures (ES-U2) traded higher by 5.00 points to 1431.50 per contract. Ysterday was the eleventh year anniversary of the 9/11 tragedy in the United States. Often the U.S. markets will hold steady on this day.
Many traders and investors are eagerly awaiting the key German Constitutional Court ruling on the legality of the European Stability Mechanism (ESM), or bailout fund, as it is better known. Most investors expect the high German court to rule in favor of the ESM, however they will likely attach strings and limits to it. Here is the problem with that: the ECB boss Mario Draghi has promised unlimited bond buying.
That word "unlimited" by Mario Draghi remains to be seen as Germany may have something to say about that. On Thursday, the FOMC meeting will conclude in the United States. Many traders and investors will be waiting on the announcement of QE3 and further inflation creation. The stock market is already betting on another easy money program by the central bank.
Earlier, high end retailer Burberry Group Plc SADR (PINK:BURBY) tumbled in Europe after a profit warning. This could affect some other high end retailers such as Coach Inc (NYSE:COH), Ralph Lauren Corp (NYSE:RL), and Michael Kors Holdings Ltd (NYSE:KORS).
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Markets Now Await Tomorrow's Key German Vote
Published 09/12/2012, 12:15 AM
Updated 07/09/2023, 06:31 AM
Markets Now Await Tomorrow's Key German Vote
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