Good morning,
U.S. futures are pointing to a higher open after the EU agreed to save Greece from default with a $170 billion bailout package that includes last-minute concessions from private bondholders. Banks will lose nearly three-quarters of the value of their Greek government bonds, slightly more than expected.
Elsewhere, the drama surrounding Japan's Olympus continues with a developing power struggle as foreign investors have accused its banks of stealth attempts to take over the boardroom.
In early corporate news, Home Depot said its fiscal fourth-quarter net income rose 32%, topping expectations. The home improvement stores benefited from mild weather and an increase in spending on renovation projects.
This week brings a new slate of housing data with new and existing home sales and the FHFA Housing Price Index in addition to the usual weekly mortgage rates and MBA Mortgage Index. Government officials are unveiling new standards this week for how banks treat Americans facing foreclosure, but housing advocates and homeowners are skeptical about their ability to provide one key element, a single point of contact to help guide them through the "mortgage maze," the New York Times reports.
Super PACs continue to be a major force and increasing public curiosity in presidential race. For those keeping tabs, Bloomberg reports that Restore Our Future, a U.S. political action committee supporting Republican presidential candidate Mitt Romney, started this month with about $16M in cash. That's 26 times more than its chief competitor's camp, according to the report.
Watch for headlines today from the first ever State Department Global Business Conference. Hillary Clinton will host the event, which will include government leaders and private sector executives focused on international business.
Economic data to watch for this week:
Wednesday: MBA Mortgage Index, Existing Home Sales
Thursday: Jobless Claims, FHFA Housing Price Index, Crude Oil Inventories, Mortgage Rates
Friday: University of Michigan Consumer Sentiment, New Home Sales
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