Succinct summation of week’s events:
Positives:
1) Greek PM wins vote of confidence to continue on with hopefully enough backing to pass the newly austere budget next week (I call the victory a lack of a negative rather than a positive)
2) May Durable Goods bounce from April weakness as hopefully Japan supply issues begin to recede
3) AAA said gasoline prices fell another .06 on the week to $3.60, the lowest since March 30th
4) German IFO business confidence unexpectedly rises to 3 month high
5) China done raising rates after Wen’s comments in FT?
Negatives:
1) Greek uncertainty infecting Italy and Spain as Moody’s states it has more watchful eye over many Italian banks
2) Euro zone mfr’g and services index falls to weakest since Oct ’09
3) German ZEW 6 month economic confidence falls to lowest since Jan ’09
4) China’s HSBC flash mfr’g PMI falls to 50.1 from 51.6, a hair above the breakeven level and the slowest since July ’10
5) Initial Jobless Claims disappoints again, now above 400k for 11th straight week
6) Existing Home Sales inventory to sales ratio rises to 9.3 months, the most since Nov. In the aggregate, tax credit induced buyers last yr now have homes below what they paid.
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