The Greek parliament passed the austerity plan despite violent protests, paving the way for bailout money to help the struggling country. What does this vote really means remain unclear. Will the Greeks go through with the long term austerity once they receive the bailout funds? How about austerity measures in other struggling EU nations? The equity and commodities markets were initially up on the news but have since turn mixed. Crude is moving higher on Iranian news while copper, platinum, and palladium are down on news that China has instructed its banks to rollover loans to local governments. China’s stimulus placed a debt burden of 10.7 trillion yuan on its provinces and cities. The debt burden is clouding China’s economic picture and future growth. US will unveil its budget for 2013 which will raise taxes on the wealthy and fund billions for infrastructure projects. The budget will defer significant cuts until the economy is securely back on track and kick the problem down the road again. With no major economic data today, markets should remain subdued.
| Metals | Last | %Change | Low | High |
| Au- Apr | 1727.6 | 0.13% | 1717.7 | 1735.4 |
| Pt-Apr | 1652.7 | -0.42% | 1649.8 | 1670.7 |
| Pd-Mar | 701 | -0.36% | 696.00 | 706.65 |
| Ag-Mar | 33.740 | 0.37% | 33.455 | 34.035 |
| London | AM | PM | Minor | PGMs |
| Au | 1727 | 1720 | Rh | 1540 |
| Pt | 1663 | 1663 | Ru | 135 |
| Pd | 703 | 702 | Ir | 1100 |
| Ag | 33.84 | DJI | 12847.81 | 46.58 |
| Currencies |
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| USD | EUR | JPY | GBP |
| USD | 0 | 1.3219 | 0.012906 | 1.5788 |
| EUR | 0.7565 | 0 | 0.97636 | 1.1943 |
| JPY | 77.48 | 102.42 | 0 | 122.316 |
| GBP | 0.6334 | 0.83728 | 0.8175 | 0 |
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| Crude Brent | 118.02 | Comex Copper | 383.7 |
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| Crude WTI | 99.99 | Nat Gas | 2.446 |
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| *THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES | | |||
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