This morning, the S&P 500 Index e-mini futures (ES Z1) are trading lower by 6.50 points to 1119.50 per contract. Believe it or not, the futures markets are holding up pretty well considering the declines in Asia and Europe. Last night, the Hang Seng Index (Hong Kong) declined lower by more than 4.00 percent. This decline could put pressure on many of the leading Chinese and Asian ADR's this morning. In Europe, it is being reported that Greece announced that it would miss its 2011 and 2012 budget deficit targets. This is really not a surprise and most traders and investors expect Greece to simply default soon.
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