ISM, Construction Spending, Pending Home Sales

Building on the late afternoon gains of yesterday, Wall Street is looking to open higher this morning as investors believe the fallout from the United Arab Emirates debt crisis will be contained.

Dubai World said it is in “constructive” talks with banks to restructure $26 billion of debt, which the Wall Street Journal notes is less than half of the company's $59 billion of obligations.

Meanwhile, the FT reports that the government itself will not back the debt. 

“Dubai’s government will not guarantee the debts of Dubai World, the state-owned holding company struggling with $59bn in liabilities, arguing that lenders were mistaken to think there would be sovereign backing,” the report said.

Over at Slate, Daniel Gross is asking if Dubai World is “The Lehman Bros. of the Persian Gulf.”  READ MORE

As of 7:15, equities are firmly higher. The Dow looks to open 76 points higher at 10,410 while futures on the S&P 500 are up 8.75 points to 1,104. Spot Gold has hit record highs overnight and now trades up $14.96 at $1,194.56. WTI Crude oil is up $1.01 but remains below the $80 threshold at $78.29 per barrel.

Key Events Today:

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