Public workers in Greece marched on Parliament in protest of their government’s bailout-for-austerity deal with the European Union (EU) and International Monetary Fund (IMF) as the euro exchange traded fund (ETF) sank to a one-year low.
Worries that the bailout deal and aid package may not be enough to meet Greece’s borrowing needs continue to contribute to market concerns, compounded by news that Greece had hired investment bank Lazard, the firm that recently advised countries such as Argentina, Ecuador, and Ivory Coast on sovereign debt restructuring. However, Greece continues to deny any possibility of debt restructuring, hoping instead that the tough decisions made over the weekend have placed Greece on a better path. [Why Italy ETF Is Vulnerable.]
- CurrencyShares Euro Trust (NYSEArca: FXE)
Signals that U. S. economic expansion is gaining momentum showed today in a 1.3% increase in factory orders in March, pushed by growing demand for capital equipment and petroleum. This increase was more than twice the expected rate, matching the prior month’s gain, as a number of manufacturers struggle to keep up with demand from consumers and businesses alike. Sales increased 2.2%, the highest increase since November 2007, as companies like Texas Instruments (NYSE: TXN) was among a number of companies ramping up production to meet growing demand from a recovering global economy. [5 ETFs to Play the Recovery.]
- Industrial Select Sector SPDR (NYSEArca: XLI)
In light of the expiring $8,000 tax credit, more Americans signed purchase agreements on previously-owned homes than expected, increasing 5.3% to 102.9, after rising 8.3% in February. While job gains and are still needed to limit foreclosures and broaden the economic recovery, the expanding housing market is a good sign that the economy has hit bottom and is inching back up. [Moment of Truth Looms for Homebuilders.]
- iShares Dow Jones U.S. Home Construction (NYSEArca: ITB)
Drugmaker Pfizer (NYSE: PFE) reported a slump in first-quarter profits on Tuesday following the acquisition of Wyeth last October, but the company remains confident, with sales of Wyeth products increasing revenue by $5.3 billion. Despite expected revenue reductions caused by the new health law, Pfizer is reaffirming its profit forecast for the year, expecting revenue of $68 billion. [5 ETFs for Health Care Overhaul.]
Aaron Hurst contributed to this article
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