Stock Market Primer - EU Protests Set Against Housing Data

It was just yesterday when I was sharing a thought with a Greek-American singer about how Greece has calmed, but she warned me that summer was over and the sun is setting on peace. Her wisdom was timely, as today Greeks took to the streets again on the call of the nation’s two largest unions. Their goal was to protest a new round of cuts demanded by the EU and IMF. Sure enough, European stocks are deeply lower today. And because of protests in Spain, its sovereign bond yields soared today approaching levels that preceded the latest ECB solution. The iShares S&P Europe 350 (NYSE: IEV) is likely heading lower today as a result, though for the U.S., with housing news on the slate, the SPDR S&P 500 (NYSE: SPY) and the SPDR Dow Jones Industrials Average (NYSE: DIA) were holding their ground; the PowerShares QQQ (Nasdaq: QQQ) was edging lower though to start the morning.

International Markets

EUROPE	ASIA
EURO STOXX 50: -2.2%	S&P/ASX 200: -0.3%
Germany’s DAX: -2.0%	Japan NIKKEI 225: -2.0%
France’s CAC 40: -2.3%	Hang Seng: -0.8%
FTSE 100: -1.2%	Shanghai Shenzhen CSI 300: -1.1%
Spain’s IBEX 35: -3.4%	India BSE SENSEX 30: -0.3%
Greece’s ASE: -0.9%	Singapore Straits Times: -0.7%

Economic Data Schedule
After yesterday’s reports on home pricing, even more housing news arrives Wednesday morning, when the New Home Sales Report is released at 10:00 AM. Economists see the annual pace of new home sales improved in August to 380K, up from 372K reported for July. This report is critical for the shares of homebuilders, especially after their latest gains adding on to a rich run for the year. The SPDR S&P Homebuilders (NYSE: XHB) is up 48% year-to-date, after adjustments for splits and dividends.

Adding on to the new home sales data, the Mortgage Bankers Association (MBA) offers its latest on mortgage activity. Last week’s Weekly Applications Survey indicated the Market Composite Index of mortgage activity edged lower by 0.2% for the week ending September 14. This was despite the record low mortgage rates reported for some types of loans. It may still be too soon to look for gains on the latest Fed actions in new data, especially given the holidays through the latest period.

The Energy Information Administration (EIA) offers up its latest Petroleum Status Report at 10:30 AM. Oil prices have been on the decline of late, with focus turning to soft demand on global economic weakness, and assurances of supply by some OPEC stalwarts. However, with major Middle East leaders including the famous figure-head of Iran speaking at the United Nations, oil should find some footing here.

As of 8:30 this morning, the NYMEX Crude Future was down 1.4% to $90.12, Dated Brent Spot was lower by 1.1% to $109.50 and WTI Cushing Spot was down 0.7% to $90.99. The shares of Exxon Mobil (NYSE: XOM) were indicating lower by 0.4% in the early going.

Last week’s data for the week ending September 14, U.S. commercial crude oil inventories increased by 8.5 million barrels. Stores were in the upper limit of the average range for this time of year. Total motor gasoline stocks decreased by 1.4 million barrels; inventory is in the lower half of the average range for this time of year.

Traders will want to be aware of the schedule for stocks in the news today. The highlights Concho Resources (NYSE: CXO) and its presentation at the IPAA OGIS San Francisco. BNP Paribas (OTC: BNPQY) is presenting at the Bank of America / Merrill Lynch Banking & Insurance CEO Conference. The earnings slate has news from Landec (Nasdaq: LNDC), Progress Software (Nasdaq: PRGS), Texas Industries (NYSE: TXI) and Worthington Industries (NYSE: WOR).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.