Opening calls are indicating a flat open this morning.
Stock indices are trading flat in Asia.
Europe’ debt crisis and the unfolding drama in Greece have been taking stocks on a wild roller coaster for weeks, and investors better buckle up because it’ far from over.
Though European leaders have agreed on a deal to bail out Greece, new questions about Greece’ political future emerged.
Outside of Europe, investors will continue to keep an eye on economic and earnings report, though the calendar is light.
Over the course of the week, investors will get monthly data on consumer credit, wholesale inventories, export and import prices, the trade balance and consumer sentiment. None of the reports are typically big market movers. Weekly data on jobless claims is also on tap.
“The U.S. economy seems to be doing better, but the market has been busted by the erratic drumbeat in Europe,” said Cofflet. The S&P 500 is currently trading below 13 times earnings. The benchmark index “normally” trades at a multiple of 18, said Cofflet.
A Eurogroup meeting of euro zone finance ministers will take place in Brussels on Monday from 14:00 London time. A euro zone official told Reuters that finance chiefs will speed up plans to strengthen the European Financial Stability Facility (EFSF) bailout fund by the end of the month, rather than the end of the year as originally planned.
Corporate releases to watch on Monday include L’Oreal third quarter sales figures and outdoor advertiser JC Decaux reporting from France, while Ryanair will announce its second quarter results with CEO Michael O’Leary due to appear on CNBC’ Squawk Box Europe at 6:30 UK time.
EU monthly retail trade data will be available from 10:00, while German industrial production figures for September are out at 11:00 London time.