By msnbc.com news services
U.S. stocks are set to edge lower Wednesday ahead of a full day of economic reports.
Investors will receive data Wednesday on consumer prices, factory production, foreign demand for U.S. debt and a measure of homebuilder confidence. Positive reports could be further evidence that the U.S. economy is not in danger of slipping back into another recession.
Concerns linger about Europe's debt crisis. Greece's new prime minister Lucas Papademos' government will face a confidence vote later in the day. The government must pass austerity measures to receive additional financial assistance.
Policymakers are warning that Europe's debt crisis poses dangers to the global economy and Italian bond yields remain at elevated levels -- a sign of ongoing risk aversion.
Ronald Spogli, former U.S. ambassador to Italy, visited CNBC Monday to discuss how the new Italian prime minister can work toward bringing Italy out of its current debt crisis:
The European Central Bank stepped in to stem an accelerating selloff of euro zone government bonds, traders said. European shares were higher on the move but lost ground as the yield on Italian 10-year bonds continued to hover near 7 percent, but were off session highs.
?It is clear that they [Europe] have a severe liquidity crisis developing and it is becoming more and more clear that they are going into a severe recession,? said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
?They have got to get their act together and resolve this issue or this recession is going to be worldwide.?
Bank of Japan Governor Masaaki Shirakawa said the crisis was already affecting emerging nations and Japan in multiple ways, while the Bank of England forecast Britain was on the brink of a contraction due to the crisis.
The Associated Press and Reuters contributed to this report.
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