Morning Commentary: Greece, China, FOMC minutes keep preferred stock investors preoccupied

By Stephanie N. Rotondo

Phoenix, July 8 – After gaining in the previous session on hopes Greece would soon have a debt deal in hand, the preferred stock market was coming back in on Wednesday.

The Wells Fargo Hybrid and Preferred Securities index was down 4 basis points at mid-morning.

The broader markets were also trending toward the red, as Greece continued to rail against the European Union’s austerity ideas, though Greek officials did relent and say that a more detailed proposal was going to be made by the end of the week.

But that wasn’t the only news investors were considering. China’s stock market remained under pressure, despite attempts by the government to shore up any major losses. And the Federal Open Market Committee is slated to release minutes from its June meeting later it the day. What was said at that meeting could shed light on where the central bank plans to go once it begins to raise interest rates.

Meanwhile, a trader noted that Gabelli Funds LLC said Monday that it had launched the Gabelli Go Anywhere Trust, a fund that would primarily invest in common and preferred stocks. The trader noted that the trust would likely being doing a preferred deal to get going, but there has been no word on such an offering.

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