Our financial sector would be missing something if the status of oil was not mentioned within the 1st few sentences. The price of which has been a major force in the markets for the past several months. The price of oil reached $143.67 a barrel in today’s session. It eventually settled below $140.

The rise in price of oil is due to continual tensions between Iran and Israel. Iran has stated that they would control the tanker traffic moving in the Persian Gulf and through the straight of Hormuz if it was attacked by Israel. The US Navy has in position, the Fifth Fleet and has said that the United States and its allies would not allow Iran to hamper shipping in the Gulf.

The National Association of Purchasing Management released its Chicago survey. The results of 49.6 from 49.1 in May showed the region contracting for a fifth straight month. The rate of decline was less severe than expected and just slightly below the neutral reading of 50.

Key economic data for the week starting June 30th, 2008. Numbers shown are consensus estimates (market anticipates this value) and prior value.

Tuesday:
	10:00 ISM Index Jun NA 49.6

Wednesday:
	10:00 Factory Orders May 0.6% 1.1% 10:30 Crude Inventories 06/28 NA 830K

Thursday:
	08:30 Initial Claims 06/28 NA 384K 08:30 Nonfarm Payrolls Jun -50K -49K 08:30 Unemployment Rate Jun 5.4% 5.5% 10:00 ISM Services Jun 51.5 51.7

© HGH Associated Press

News Archive (from 4/1/2008 until 6/30/2008)