Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Tuesday Morning Recap: Markets Rise on Another Potential Greek Bail Out – Morning Notes

- Week is off to a strong start as global markets are all higher
- In Asia, Nikkei rallied to close up 2% despite Moody’s review of the country’s sovereign rating
- Strength in Japan in part attributed to Manufacturing PMI number, which showed an expansion
- Hang Seng closed up 2.2% while Shanghai Comp closed up 2.2%
- Markets are up on news that Greece may be bailed out- Germany potentially drafting a new plan
- New bailout pkg would avoid a complete Greek debt restructuring, expected to be announced by end of June
- Financials are leading the way in Europe
- Eurozone CPI came in lower than expectations
- Euro is up as well this morning
- Crude oil trading higher
- Commodities are generally higher due to weakness in dollar (along with other “flight to safety” investments such as treasuries)
- One notable exception is wheat, which is down relatively big on news that Russia will lift its ban on grain exports, which would lead to increased supply to the global wheat market
- Case Shiller: -3.6% vs. -3.3%
- Crude oil spikes following latest data release

- Left on the economic calendar for today: Chicago PMI at 9:45a; Consumer Confidence at 10a