G3 Recap 6-10-11

Main Items:

  • US Import Prices for 12.5% in May vs 11.2% exp and 11.4% prev
  • South Korea hiked rates 25bps to 3.25 vs expectations of no change.
  • Canadian Employment improved 22.3k in May vs 20k exp and 58.3k prev. UE declined to 7.4% vs 7.6% exp and prev.
  • In somewhat of an about face, German Finance Minister Schauble now wants a Greek ‘soft restructuring’ and private sector participation after discussions with German MP’s.

Overseas:

  • UK IP declined -1.2% YoY in April vs +1.3% exp and 0.7% prev
  • UK PPI Output Core rose 3.4% YoY in May as exp and unchanged vs prev
  • BoE long term inflation expectations survey falls to 3.3% from 3.5%
  • China Trade was weaker than expected at 13bn vs 19.3bn exp.

Commentary:

  • None
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