G3 Recap 6-7-11

Main Items:

  • RBA kept rates unchanged at 4.75% as expected
  • Germany’s IG BCE chemical labor union has agreed to a wage increase of 2.1%.
  • Bloomberg is reporting (citing sources) that the Fed will back a “Sifi” plan that would impose an added capital charge of no more than 3% above Basel III standards.

Overseas:

  • EU Retail sales rose 0.9% MoM in April vs 0.3% exp and -1.0% prev

Commentary:

  • None
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