- Eurozone states will find a solution to the Greek debt crisis and Greece should remain in the single currency area, French Finance Minister Michael Sapin said. Greece overturned some civil service reforms earlier this week, raising the stakes in the negotiations with eurozone creditors.
- The Fed is sketching out plans to prevent an abrupt contraction in its massive balance sheet next year, which would affect the economic recovery and disrupt markets, Reuters reports. Asked publicly and privately about the longer-term strategy, Fed policymakers say they are in no rush to shrink the $4.5 trillion portfolio, suggesting they will seek to avoid a "cliff" -- a disruptive end to reinvestments that might come if bonds are simply allowed to run off through maturity or prepayment.
- General Motors (GM) said its sales in China fell by 0.4% in April from the same period last year.
- The world's largest steelmaker by sales, ArcelorMittal (MT), downgraded its 2015 earnings expectations because of the sharp fall in iron ore prices. The cut in guidance comes as the company reported a widening loss in the first quarter mainly due to its mining division and foreign exchange effects.
- Car registrations in the U.K. rose by 5.1% year on year in April, according to an industry body. The Society of Motor Manufacturers and Traders said the increase meant sales were up by 6.4% in the first four months of the year to 920,366 cars.
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Momentum is one thing. Outright insanity is another.
I've yet to see an asset or sector that is wildly underweight in portfolios fail to deliver going forward.
There simply is not enough natural gas in the world to meet demand.
Do not become complacent as we enter an abundance of earnings reports next week.