Concise outline of week’s actions:
1) First Jobless Claims pile up to 367k, beneath 370k for the 2nd week following 3 weeks on top of 380k.
2) UoM self-assurance in May increases 1.4 pts, its best in more than 4 years. Inflation prospect falls to its lowest since Dec ’10.
3) Gasoline prices drop another .06 to $3.73, its lowest since Feb. This is according to the AAA.
4) JOLTS reports reveal more job openings from July 2008.
5) US exports climb to record an elevation in March similar to imports largely because of petrol.
6) NFIB small trade optimism indicator goes up 2 pts to hit its highest level since Dec ’07.
7) For those wishing to purchase a home or refit, average 30 yr credit rate drops to a new low of 3.7 percent according to Bankrate.com.
8) US PPI unpredictably drops .2 percent m/o/m and y/o/y increase of 1.9 percent beneath 2 percent for the first time since Oct 2009 (core rate however remains elevated), Import Prices in April dropped more than estimated.
9) German Factory Orders and IP rose in May in, somewhat dated information and probable to reverse but attribute it to elasticity of its cutback.
10) Chinese CPI drops to 3.4 percent y/o/y increase in April and PPI absolute drops for the 2nd consecutive month.
11) Job growth in Australia and Canada way above what was expected.
1) In reply to turmoil in Greece, recently provided Greek bonds drop to fresh lows, Greek stocks drop11 percent to its lowest since 1992. Hugo Chavez cannot be Greek voters’ role model.
2) Spain’s 10 year yield climbs back to the initial 6 percent level, 5 year CDS record a high, while the IBEX indicator drops to its lowest since 2003 but bounces from it.
3) Spain wishes its financial institutions to cancel 30billion Euros while the market wishes to have 50billion Euros.
4) Chinese retail sales together with money supply, imports and exports, credits rise than anticipated.
5) India IP experienced a 3.5 percent fall in March in vs. expectations of an increase of about 1.7 percent.