The summer is drawing ever closer to an end

The summer is drawing ever closer to an end and as investors get in those last minute vacations the markets are on course to continue the slow grind seen over the past week. Low trading volumes here in the U.S. and subdued concerns in the Euro zone are today’s, if not this week’s, theme. The Fed meeting minutes from July won’t be released until tomorrow and though we already know QE3 didn’t happen, investors will sift through the documentation for any hint of monetary easing in the near future. It’s been all quiet on the Euro front lately as the ECB’s “Whatever it takes” pledge has calmed the region’s sovereign debt angst. Spanish and Italian 10-year bond yields have come off record highs with Spanish yields down 22bps at 6.22%...considerably lower than the 7% seen in recent weeks. However, Greece has moved back into the headlines and threatens to upset the easy-going feeling of late. Greece Prime Minister Antonis Samaris will meet with a number of Eurozone leaders this week as he pushes for an extension of the countries bailout program. Greece is looking for another two years to meet its obligations. Miners at the world’s third largest platinum producer, Lonmin, were given an ultimatum to return to work on Monday or face dismissal. The miners have been on strike since August 10. The ultimatum comes just days after a deadly confrontation between police and miners that resulted in more than 30 killed and more than 70 wounded. Platinum moved sharply higher as the violence escalated and now sits at ~$1470. Palladium also experienced a sharp move up to ~$610 but has since fallen back to the $600 level. Have a great day!