July 11, 2012-Markets Apprehensive on Euro Debt Concerns

The mood on Wall Street remains apprehensive, as indicated by the index futures, which point to a modestly higher open on Wednesday. Asian stocks scrambled to a mixed close, while the European markets are mostly lower. Crude oil futures are higher amid the weakening of the dollar and ahead of the weekly oil inventory report. The Spanish government has unveiled some painful austerity measures, while Germany raised debt through the issue of 10-year notes at a record low yield. Although no market moving earnings reports are due for the session, traders may be wary of pre-announcements and any comments coming forth from companies on their outlook. The minutes of the June FOMC meeting could give more insights into the various policy options before the Fed at this juncture, while the trade balance report could also create some ripples in the markets. The Dow futures are up 24 points and the S&P 500 futures are adding 2.50 points, while the Nasdaq 100 futures are moving up 2.50 points.