Global markets were modestly lower ahead of Wednesday's ruling from Germany's Constitutional Court on the legality of the European Stability Mechanism, a permanent bailout fund that's expected to have a maximum lending capacity of €500 billion.
Investors are waiting to see how the ruling may impact the European Central Bank's plans to preserve the euro, which remained near its highest level against the U.S. dollar since May.
European markets were lower in afternoon trading, while Asian markets closed mixed.
On the domestic front, investors are waiting to hear if the Fed will announce highly anticipated new stimulus measures when it wraps up its two-day policy meeting on Thursday.
U.S. stocks ended lower Monday.
Economy: The Census Bureau is scheduled to release data on the U.S. trade balance for July on Tuesday morning. The report is expected to show a deficit of $44 billion, according to a survey of analysts by Briefing.com.
British fashion brand Burberry lowered its sales guidance for the rest of the year Thursday morning, sending yet another sign that the global luxury market continues to lag. Shares of Tiffany & Co (. and )Coach Inc (were lower roughly 3% in premarket trading on the news. )
Shares of bailed out insurer AIG (Fortune 500) continued their slide in premarket trading. The , Treasury Department said Sunday it is selling $18 billion worth of AIG shares, representing more than half of its remaining $29 billion stake in the bailed-out insurer.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.65%||3.65%|
|15 yr fixed||2.80%||2.78%|
|30 yr refi||3.64%||3.63%|
|15 yr refi||2.79%||2.78%|
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