Market Happenings for Wednesday, June 06, 2012

Premarket futures are up on Euro hopes. Gainers this morning include IRM, PHM, CHK, YHOO and TRV while losers include KMI, LEG, NDAQ, GCI and SE.

The Market

The European Central Bank left interest rates steady at 1%. The central bank’s president, Mario Draghi, is holding a press conference starting at 5:30 am PDT.

The EU unveiled a plan early today that would call for a Europe-wide banking union, which would deal with future banking crisis on the continent, rather than leaving them in the hands of their already struggling national governments. A specific size of the rescue fund to be created was not disclosed though.

European markets posted strong gains in afternoon trading and Asian markets ended mixed.

The national average price of gasoline dropped a half-cent to $3.565 per gallon.

Facebook is looking to go higher this morning but who knows if it will find a bid today.

Earnings Reports

Earnings reports (sorted by mkt cap): BFB-Brown-Forman (consensus $0.75), PLL-Pall Corp (0.75), GEF-Breif (0.74), MW-Men’s Warehouse (0.55).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -1.3%, purchase sub-index -0.6%, refi sub-index -1.5%.

0815 ET Fed’s Lockhart speaks on economy in Fort Lauderdale, FL.

0830 ET Q1 final non-farm productivity expected revised to -0.7% from prelim -0.5% q/q. Q1 final unit labor costs expected revised to +2.1% from +2.0%.

1000 ET Fed’s Tarullo testifies on bank supervision to Senate Banking Committee.

1030 ET DOE Weekly Petroleum Status Report.

1400 ET Fed’s Beige Book survey.

1530 ET Fed’s Williams speaks on the economy in Bellevue, WA.

1900 ET Fed’s Yellen speaks on economic outlook in Boston.

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