As expected, the European Central Bank left interest rates unchanged at their record lows. All eyes are focused on the ECB's news conference, with positive economic reports out of Europe of late and bond yields advancing after a higher-than-expected inflation reading.
This morning, we saw unemployment falling in the EU, though the eurozone showed some lost momentum in business growth, via its PMI reading of 53.6 in May, below April's 53.9.
We have droned on about the continued Greek debt drama that continues to play out between Greece, the International Monetary Fund and its eurozone creditors. Partially based on that uncertainty, the OECD announced a cut to its forecast for the world economy to 3.1% growth in 2015, down from the 3.7% growth it had forecast back in October.
European stocks and U.S. stock futures were higher this morning, while stocks in Asia were weaker.
Some earnings calls of note today include Vera Bradley (VRA), Five Below (FIVE), and Growth Seeker holding Verint Systems (VRNT).
We have a busy economic calendar today:
At 8:15 a.m. ¿ the May ADP Employment Change, with consensus at 200,000
At 8:30 a.m. ¿ ECB chairman Mario Draghi will speak to the press.
At 9:45 a.m. ¿ the May Markit US Composite PMI
At 10 a.m. ¿ the May ISM Non-Manufacturing Composite, with consensus at 57
At 10:30 a.m. - DOE Energy Inventories
At 2 p.m. ¿ The Fed's Beige Book
Happy trading!
