A little over a week ago, Hungarian President Orban made some tough comments about not having other nations or the EU interfere with a sovereign nation's will (Hungary's). Now he's in a row with the IMF...
More from Bloomberg:
Orban Punished by Investors as Hungary Balks at IMF Talks
Hungarian Prime Minister Viktor Orban is pushing back as investors and European officials renew their drive to force him to relax his hold on power in return for financial aid.
Pressed by a resurgent opposition party calling for Hungary to pull out of the European Union, and looking to protect his expansion of authority, Orban is retreating from a Jan. 6 pledge to quickly meet EU preconditions to negotiate financial help from the International Monetary Fund.
Later, Der Spiegel cites economists warning that the German Central Bank may face up to EUR 500bln of liabilities in the form of unsettled claims within the European payments settlement system should there be a break up in the Eurozone.
German GfK Consumer Confidence Survey missed (Apr) M/M 5.9 vs. Exp. 6.0 (Prev. 6.0)
These two events may be what sent ES lower a few hours later.
Regarding oil.... The US Senate voted yesterday to begin debate on a bill that would strip billions of dollars' worth of tax subsidies from oil and natural gas companies and funnel that money to renewable-energy producers. The bill moved forward 92-4 in a procedural vote, clearing the 60-vote hurdle to advance.
Also, Enbridge and Enterprise will more than double the capacity of the Seaway pipeline, easing a major oil glut in the US that has led to distortion in crude markets.
Crude (/CL) is up from yesterday's 4 p.m. close.
The S&P Case Shiller came out at 9 a.m.
Released On 3/27/2012 9:00:00 AM For Jan, 2012
| Prior | Consensus | Consensus Range | Actual | |
| 20-city, SA - M/M | -0.5 % | -0.2 % | -0.5 % to 0.3 % | 0.0 % |
| 20-city, NSA - M/M | -1.1 % | -0.8 % | ||
| 20-city, NSA - Yr/Yr | -4.0 % | -3.8 % | -4.2 % to -3.4 % | -3.8 % |
Prices across the top 20 MSAs dropped once again, posting a 9th consecutive decline, declining by 0.04% to 136.60. The Seasonally Adjusted print brings the average home price to December 2002 levels.
" The bottom line is that while sales may be improving, prices are still under downward pressure. Foreclosures are adding to supply and price discounting is what is boosting sales."
Consumer Confidence and the Richmond Fed Manufacturing Index are due out at 10 a.m.
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