US equities look to open lower as bad news from Europe continues to dominate the headlines. The latest is European Central Bank council member Axel Weber warning that Greek insolvency could have “a Lehman-like effect.” He called the loans mechanism from the European Union “the best way” to prevent the crisis from spreading. “There is a threat of grave contagion effects for other member states in the monetary union and increasing negative feedback loop effects on capital markets,” Weber said, according to Bloomberg News. “All in all, Germany’s contribution to the aid package for Greece is justifiable.” Compared to the sell-off in Europe, today’s downward open in US equities looks minor, yet the benchmark S&P 500 already lost 2.4...(read more)

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