Daniel Gross

Morning Reading: Inspectors Arrive

What to watch, courtesy of Yahoo! Finance's Elizabeth Trotta:

Good morning! World stocks are mixed and U.S. futures are pointing to extended gains at the open on euro debt plan hopes.

Greece's lenders arrived to audit a government austerity plan they want implemented in return for a new 109-billion-euro ($148.6 billion) rescue plan. German Chancellor Angela Merkel suggested a new bailout may be renegotiated amid debate about the size of losses bondholders should face, Reuters reports.

Investors are awaiting data on oil inventories and big ticket purchases in the U.S. An early economic report showed a 9% increase in mortgage application activity last week as mortgage rates fell "at least partially" in response to the Fed's indication it will shift toward longer term securities and resume purchasing mortgage-backed securities.

Economists surveyed by Bloomberg said President Obama's $447 billion jobs plan would help avoid a return to recession in 2012 by maintaining growth and helping to lower the unemployment rate. Those surveyed estimated the plan would affect a change to GDP of 0.6% next year, more modest than Treasury Secretary Tim Geithner's estimate of 1.5%.

Economic Data:

7 a.m.: MBA Mortgage Index (+ 9.3%: Story)

8:30 a.m.: Durable Goods Orders (preview)

10 a.m.: Crude Oil Inventories (preview)

Events:

Federal Reserve Chairman Ben Bernanke is expected to discuss globalization and the growing role of emerging nations at the Cleveland Clinic.

Europe crisis:

Greece faces its inspectors, Merkel hints at bailout change

German union, employers group back euro fund

EU's Barroso calls on ECB to do whatever it takes in crisis

U.S.

Obama Jobs Plan May Prevent 2012 Recession: Economists

Euro Crisis Makes Fed Lender of Only Resort

Judge dismisses most counts in Mets' Madoff trial

Corporate:

Best Buy cuts holiday hiring by half

Ford's success stirs UAW resentment in labor talks

Groupon newest deal to reward customer loyalty

BP and oligarchs face off as $4.9 billion claim looms

Markets:

Stock futures rise on continued Europe hopes

Gold Climbs for Second Day on Haven Search

Oil Falls, Heading for Quarterly Decline on Europe Debt Crisis

U.S. Treasury 30-Year Bonds Erase Gain on Euro Debt Solution Speculation


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