Morning Business: Obama's Take Moscow

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Morning Business

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Welcome back from the long weekend. You'll find very little economic data awaiting you and the earnings slate is nearly empty ahead of this week's kick off to Q2 earnings season.

Obamas Take Moscow

A meeting of President Obama and Russian President Medvedev should result in some form of constructive nuclear disarmament announcement. Both parties have publicly declared expectations for such an event. We wonder if President Obama will do some soul searching, that is, seeing into his counterpart's soul vis-a-vis his predecessor. Michelle Obama hopes to break down cautious Russian sentiment and the barriers of the Putanic Age.

ISM Non-Manufacturing Report

The Institute for Supply Management will publish its Non-Manufacturing Index at 10:00 a.m. on Monday. ISM reported its Manufacturing Index last week, and it showed improvement. The service sector is significantly more important to the US economy, so this report is likewise a more important measure. The consensus of economists forecasts a modest improvement in this Non-Manufacturing Report, looking for a reading of 46.7, versus May's 44.0. May's New Orders and Backlogs readings deteriorated, however, so some economists look for a modest decline in this broader measure in June as a result.

Treasury Activity

The first set of Treasury auctions that pack the busiest week of such money raising kick off on Monday. This will very likely raise the specter of inflation on a news light trading day post the long weekend. Look for EPS news from Vimicro International (Nasdaq: VIMC).


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