Market +2.49%. Oil +9.4%, biggest rally in 3 years.
1. EU Summit announces ESM seniority change
2. Germany Merkel backs down second time in a few weeks (last time was Spanish bank bailout weekend of June 11th)
3. Deceleration of Core PCE price index from 2.0% y/y to 1.8% y/y gives Fed doves more ammunition for QE3
4. Lack of selling into quarter end to protect performance
-Chicago PMI 52.9 vs. 53.1 est., prior 52.7
-Consumer sentiment 73.2 vs. 74.1 est., prior 74.1
-PCE price index –0.2% vs. –0.1% est., prior 0.0%. Core PCE 0.1% vs. 0.2% est.
-PCE price index 1.5% y/y vs. prior 1.9%. Core PCE 1.8% y/y vs. prior 2.0%
-The Verge reviews Google Nexus 7 tablet Link
-Smart Money: Inside the life of a stock flipper Link
-Google launches cloud offering called Google Compute Engine Link
-5 year anniversary of the Apple iPhone Link
-Vivendi plans to sell its $8.1 billion 61% stake in Activision Link
-Amazon plans a Q4 launch of an ebook store in Brazil Link