Meanwhile, the economic picture in the U.S. looks a little better this morning. March retail sales showed a 0.8% increase, compared with expectations of 0.3% and following a 1% increase in February. According to the report, electronics, clothing, and furniture stores were among the main beneficiaries.
Equities are discounting the European situation, with the S&P and NASDAQ front-month futures trading higher by 0.6%, while the DJIA futures gained 0.7%. Crude oil futures are trading flat on the session, and Natural Gas futures gained 0.3%.
In conjunction with an emphasis on Spain, EUR/USD is lower in trade, falling below 1.30 for the first time since January. If EUR/USD closes below the Ichimoku Cloud – 1.3054 on the daily chart – it could spur additional selling in the pair.
In earnings news, Citigroup (C) reported this morning that sales and profits were lower than analysts forecast. Quarterly earnings per share were at $0.95, compared with expectations of $1. Despite this, C was able to keep expenses flat year-over-year. Tomorrow will be a blockbuster day for earnings, with Coca-Cola (KO), Goldman Sachs (GS), and State Street (STT) among the heavy hitters reporting before the bell.