Before the bell: S&P futures -0.3%, Nasdaq futures -0.4%
U.S. stock futures fell as German Chancellor Angela Merkel said there’s no easy and fast solution to the euro region debt crisis.
The cost of insuring against default on European sovereign debt approached a record. German Chancellor Angela Merkel said there’s no easy and fast solution to the euro region debt crisis. Speaking to lawmakers in the German parliament today, she reiterated her opposition to euro bonds as a tool for dealing with the euro region’s debt crisis. “They are not appropriate as a rescue measure,” Merkel said.
Italy experienced more woe today at a bond auction as investors put to rest any hopes that the eurozone's fiscal union pact will calm the markets. Yields rose to a fresh euro-era high of 6.47% in a sale of €3B of five-year bonds, surpassing the previous record of 6.29% that Italy paid last month. In the secondary market, 10-year yields were up midday in Europe after initially falling.
Nikkei 8,519 -33.68 -0.39%
Hang Seng 18,354 -92.74 -0.50%
Shanghai Composite 2,229 -20.06 -0.89%
FTSE 5,432 -58.26 -1.06%
CAC 3,023 -55.29 -1.80%
DAX 5,708 -66.01 -1.14%
Crude oil: $97.95 (-2,2%).
Gold: $1622,30 (-2,4%).