Finance

Morning Market Roundup: EU Adopts Iran Embargo, Volt Investigation Closed

Here’s what’s important in the financial world this morning:

This week, markets will look to extend their gains to date. On Wednesday, the Federal Reserve will release policy news and throughout the week look for a barrage of corporate earnings reports.

News from Europe could affect this week’s market on news from Greece’s debt-swap talks and Monday’s European Union finance ministers meeting. They will talk about the recent fiscal-pact draft, according to MarketWatch.

Over in the Asian markets, many markets will be closed for holidays but there will be news from Japan and Thailand’s central banks. Markets in Hong Kong, Shanghai and Shenzhen will be closed from Monday through Wednesday; the Taipei market will be closed on Thursday. South Korea’s market will be shut down on Monday and Tuesday. Australian markets are closed on Thursday. On Tuesday, the Reserve Bank of India will make its policy announcement. In December, it did not have any interest rate hikes and suggested it was done with doing so and was ready to focus on growth.

The Bank of Japan will also announce its policy news on Tuesday. On the following day, look for news nuggets of the bank’s moves in its policy statement. The Bank of Thailand will report its policy move on Wednesday.

Back in the U.S. get ready for earnings. Lots of earnings.

Chevy Volt is “safe”: U.S. regulators ended an investigation into why Chevrolet Volt electric cars caught fire, and said electric vehicles do not pose a greater risk of fire, according to Bloomberg. The conclusion by the U.S. National Highway Traffic Safety Administration came two weeks after General Motors Co. told owners to bring the vehicles to dealerships for repair.

“Based on the available data, NHTSA does not believe that Chevy Volts or other electric vehicles pose a greater risk of fire than gasoline-powered vehicles,” the agency said in an e- mailed statement today.

EU vs Iran: The European Union formally adopted an oil embargo against Iran on Monday and froze the assets of Iran’s central bank, part of sanctions to pressure Tehran into resuming talks on its controversial nuclear program.

Two Iranian lawmakers, stepped up threats that their country would shutter the strategic Strait of Hormuz, through which a fifth of the world’s crude flows, in retaliation for the EU oil sanctions on Tehran.

Lawmaker Mohammad Ismail Kowsari, deputy head of Iran’s influential committee on national security, said Monday the strait “would definitely be closed if the sale of Iranian oil is violated in any way.” Tensions over the strait and the potential impact its closure would have on global oil supplies and the price of crude have weighed heavily on consumers and traders. Both the U.S. and Britain have warned Iran not to disrupt the world’s oil supply. Many analysts doubt that Iran could set up a blockade for long, but any supply shortages would cause world oil supplies to tighten temporarily.

For its part, the United States has enacted, but not yet put into force, sanctions targeting Iran’s central bank and, by extension, the country’s ability to be paid for its oil.

Economic Numbers and Fed Speak

  • Monday: Eurogroup meeting of eurozone finance ministers.
  • Tuesday: Ecofin meeting of EU finance ministers, Day One of FOMC meeting, and President Obama’s State of the Union address.
  • Wednesday: Pending Home Sales index for December,FOMC policy announcement and Ben Bernanke Press Conference.
  • Thursday: Durable Goods orders for December, Weekly jobless claims, December new home sales and leading indicators.
  • Friday: Fourth-quarter GDP report and University of Michigan consumer sentiment for January.

[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]

The Associated Press contributed to this story.

Comments (27)

  • TJeff1
    Posted on January 23, 2012 at 3:02pm

    Think we are going to war? Check this out:

    http://www.youtube.com/watch?v=n118IwMQQPc

    Report Post »  
  • packsack54
    Posted on January 23, 2012 at 2:45pm

    Remember when the Government said it is safe, it is time to run and hide. First stock-up and be prepared to move very quickly.

    Report Post »  
  • williep209
    Posted on January 23, 2012 at 2:32pm

    we are indeed looking down the barrel of WWIII!!

    Report Post »  
  • masters11111
    Posted on January 23, 2012 at 1:50pm

    The truth about americas financial problem
    http://lewrockwell.com/orig11/stockman8.1.1.html

    Report Post »  
    • flyoverbob
      Posted on January 23, 2012 at 5:48pm

      Not to worry,they send out a big rig with a deisel powered generator to charge it.The fee is only 200. Or you can drive to the dealer and have it done for 50.,this will give you another 30 miles of driving.However ifyour vehicle catches fire you will be charged a fee to clean up the mess.

      Report Post »  
  • Miami Bob
    Posted on January 23, 2012 at 1:08pm

    For folks that live in high-rises, does the volt come with 1000ft extension cords.. Just asking..

    Report Post » Miami Bob  
  • Snake
    Posted on January 23, 2012 at 12:48pm

    Of course the Volt is safe…..NO ONE IS DRIVING ONE!!!!!!!!

    Report Post » Snake  
    • Hollywood
      Posted on January 23, 2012 at 5:52pm

      Just WHAT is everyone so concerned about. We all know Volts won’t kill you,it’s the AMPS!

      Report Post » Hollywood  
  • sonnetswan
    Posted on January 23, 2012 at 11:10am

    Sanctions are in effect an action of war. Do these people realize that Russia has a treaty with Iran (and Syria) to protect them. I think, folks, we better prepare for WWIII.

    Report Post » sonnetswan  
    • The_Jerk
      Posted on January 23, 2012 at 12:26pm

      Reminiscent of how Roosevelt dogged Japan into war, as he was lying to the American people.

      Report Post »  
  • discus02
    Posted on January 23, 2012 at 10:51am

    Buy the volt get a jolt!

    Report Post »  
  • islamhater
    Posted on January 23, 2012 at 10:48am

    America for years has put thier nose in everyone else’s business..Get out of the world market and the U.N. We are suppose to lead by example NOT force our freedoms on others..Can we just go back to minding our own damn business and take care of our own..I stand for America Not Isreal or any other country..Make NO allies cause they can get you into wars that have nothing to do with us or our country…Remember America anyone???

    Report Post »  
  • MiddleAmerica2012
    Posted on January 23, 2012 at 10:37am

    Iran is about to start WW3….

    Report Post » MiddleAmerica2012  
  • sawbuck
    Posted on January 23, 2012 at 10:33am

    For its part, the United States has enacted, but not yet put into force, sanctions targeting Iran’s central bank and, by extension, the country’s ability to be paid for its oil.
    ____________________________________________________________
    So..How much is a gallon of gas going to cost me on this ?

    Report Post » sawbuck  
  • RightThinking1
    Posted on January 23, 2012 at 10:30am

    I guess they decided to pull the plug on the Volt investigation..

    Report Post »  
  • sWampy
    Posted on January 23, 2012 at 10:20am

    Who gives a damn if the Volt is safe or not, it’s an environmental disaster. The energy to produce the batteries, transport the batteries, recover the batteries, dispose or/recycle those batteries will produce more green house gas that the car will save over a traditional fossil fuel car of the equivalent size.

    Report Post »  
  • lel2007
    Posted on January 23, 2012 at 10:10am

    Volt declared safe & wonderful by obama officials. So. There ya go. Plug it in, plug it in.

    Report Post » lel2007  
    • Mtroom
      Posted on January 23, 2012 at 10:25am

      I know, right?…I still would like to know why it caught on fire…Don‘t care if it doesn’t happen often…Why did it happen? “Don’t know why I socked him in the head officer, but it’s o.k.,It doesn’t happen often.” How much did it cost me to find out something I could find out in 10 minutes? VOLTS sold to VOLTS that caught fire…Not that hard. I think my six year old could do that math.

      Report Post » Mtroom  
  • SpankDaMonkey
    Posted on January 23, 2012 at 10:09am

    .
    EU vs Iran, & Chevy Volt is “safe”, April 1st is still a couple of months away. Good try, But I don’t think you Fooled anybody………

    Report Post » SpankDaMonkey  
  • BlackCrow
    Posted on January 23, 2012 at 9:51am

    The Volt is safe, I’m from the government and I am here to help you.

    Report Post » BlackCrow  
  • lukerw
    Posted on January 23, 2012 at 9:50am

    So… you cannot expect Truth from the Government… the EU is Failing… and the EU has given up on predicting anything, rather is going Daily Reactionary!

    Today, I am testing the Boulder to cover my Cave Entrance!

    Report Post » lukerw  
    • Baddoggy
      Posted on January 23, 2012 at 10:09am

      The Government would never lie to you…ever…and they would not take away your Constitutional rights and they even will allow you to invest your tax dolars in the Chevy Volt as a present to you!

      And Solyndra…Man just wait until they deliver your solar panels to you…They will look great sitting next to youe Chevy Volt…well until it blows up and kills you…

      I cannot wait for them to put a windmill on the roof of my house!

      Report Post » Baddoggy  

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