Patient Spain is on the operating table

Sometimes doctors, in an attempt to get ahead of an infection, have to cut deeper into the wound. It’s a gamble but the pain and suffering that results could payoff and allow the healing process to begin…or it could all backfire and the patient is worse off. Patient Spain is on the operating table now following reports that the country has announced a plan to cut €65 billion of spending within approximately three years. Prime Minister Rajoy announced cuts to government institutions while simultaneously raising taxes on goods and services to as high as 21%. It’s a necessary measure as Spain must meet certain fiscal targets else find some other institution willing to offer them billions in bailout funds. The overnight developments in Europe have offered some hope in an otherwise dismal financial landscape here in the U.S. as investors head deeper into corporate earnings season with not much to look forward too. The U.S. trade deficit was reported to have contracted in May on the back of exports and cheap oil. Wholesale inventories will be released at 10 a.m. EST. The much anticipated release of the Fed’s meeting minutes will happen at 2:00 p.m. EST with investors eying anything that may point to possible quantitative easing measures in the near future. Have a great day!

 

Metals	Last	%Change	Low	High
Au-Aug	1572.5	-0.46%	1565.5	1583.4
Pt-Oct	1426.4	-0.23%	1421.6	1435.9
Pd-Sep	577.65	0.18%	575.00	581.50
Ag-Sep	26.975	0.34%	26.760	27.155
London	AM	PM	Minor	PGMs
Au	1576.5		Rh	1250
Pt	1425	1420	Ru	115
Pd	579	576	Ir	1100
Ag	27.11	DJI
Currencies
	USD	EUR	JPY	GBP
USD	0	0.8155	79.211	0.6422
EUR	1.22536	0	97.067	0.78738
JPY	0.0126	1.02968	0	0.008112
GBP	1.55601	1.2698	123.256	0
Oil	Last	%Change	Low	High
Brent - Sep	98.54	0.99%	97.57	98.65
WTI - Sep	85.51	1.43%	84.19	85.82
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