Moody's downgrades Egypt's government bond rating to B3 Moody's Investors Service has downgraded Egypt's government bond ratings to B3 from B2, while maintaining the rating on review for further possible downgrade. The one-notch downgrade was prompted by the following factors: The economic impact of the intensification of civil unrest, as reflected by the recent decree announcing a state of emergency; The further weakening in Egypt's external payments position given the large drop in January in the level of international reserves held by the Central Bank of Egypt; The continued uncertainty surrounding the Egyptian government's ability to secure financial support from the International Monetary Fund.
BofA/Merrill to hold a conference 2015 Payments & Card Conference is being held in Scottsdale, AZ on May 18-20.
Futures slightly lower ahead of opening of new week U.S. equity futures are below fair value following a weekend of quiet news flow. The first quarter earnings season is winding down and investors are beginning to look forward to the long Memorial Day weekend. Today’s focus will be on the housing data due out at 10:00am EDT with the release of the NAHB housing market index. Many have expressed concern that the housing rebound will remain muted for the foreseeable future as the Fed gears up to begin raising interest rates.