Empire State Fed index disappoints the market:
"Future indexes generally indicated an expectation that conditions would improve in the months ahead, but the level of optimism remained relatively low. The future general business conditions index fell six points to 6.7, its lowest level since February of 2009."
German Finance Minister Wolfgang Schaeuble said the EU summit "would not present a definitive solution to the euro zone debt crisis."
German Prime Minister Angela Merkel echoed the sentiment with this statement: "dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled.”
This statement today from Goldman Sachs', a surprisingly skeptical view considering the Goldman always seems to be predicting good times.
"To some extent it is remarkable that markets continued to rally last week and that Eurozone-related risk premia declined, because at the surface, there has been very little concrete progress regarding the Eurozone fiscal crisis. The extent of Greek haircuts, the details of bank recapitalisations, the use of leverage in the EFSF or not – all these and many other issues remain basically unresolved at the moment. Only one thing is clear, policymakers continue to work overtime while trying to find solutions."
