It’s all about global markets and exchange traded funds (ETFs) today. The deficit crisis in Greece may finally have found some resolution, if rumors of a deal prove to be true. Australia hiked rates in a vote of confidence for its economy and the jobs picture brightened in Japan.
Greece may have scared up an additional $6.5 billion in deficit cuts, which may be announced tomorrow. The European Union amped on the pressure on the economy in order to head off a eurozone-wide contagion effect. The new measures reportedly will include higher tobacco, alcohol and sales taxes and deeper cuts in public workers’ bonus payments.
U.S. auto sales are making a comeback, although GM’s gains didn’t exactly thrill analysts, who were expecting more. Ford (NYSE: F) was the big winner, seeing a 43% sales surge last month. It was the first time since 1998 that Ford’s deliveries bested GM’s, which rose 12%. SPDR S&P International Consumer Discretionary Sector (NYSEArca: IPD), which holds a number of automakers, is up 0.6% so far today. [Play Auto’s Rebound With This ETF.]
Joblessness in Japan dipped below 5% today and the availability of jobs has risen. It’s taken as a sign that improving exports and output are fueling the necessary economic growth. But don’t get too excited; analysts still feel that a recovery will be slow. iShares MSCI Japan (NYSEArca: EWJ) is up about 0.6% so far today. [3 Things Japan ETF Needs Now.]
Australia hiked interest rates again for the fourth time since October as the economic recovery in the nation deepens. The Reserve Bank of Australia raised its key cash rate by a quarter of a percentage point to 4%, rounding out the total rate rise to 1%. iShares MSCI Australia (NYSEArca: EWA) is up nearly 1% this morning. [Australia ETF: Steady Growth.]
For more stories about Australia, visit our Australia category.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.