Recap 5-8-12

Main Items:

· US NFIB Small Business Optimism Index improved to 94.5 in Apr vs 93 exp and 92.5 prev

· Canadian Housing Starts jumped to 244.9k in Apr vs 204k exp and 215.6 prev

· The Australian government proposed trimming the 3% budget deficit to a 0.1% surplus for FY 2012-13.

Overseas:

  • UK RICS House Price balance declined to -19 in Apr vs -11 exp and -10 prev

Upcoming Data:

  • Tues: US NFIB Small Business Optimism, JOLTS Job Openings
  • Wed: German Trade Balance, Japan Trade Balance, Australia Employment
  • Thurs: China Trade Balance, Japan Eco watchers Survey, UK MPC, US Import Prices, Initial Jobless Claims, China CPI, Money Supply
  • Fri: China IP, Retail Sales, UK PPI, CanadaUnemployment, US PPI, U Michigan Confidence

Commentary:

FTAlphaville ran a very interesting post on EU bank retrenching in AxJ and Japanese banks increasing market share dramatically in some sectors:
http://ftalphaville.ft.com/blog/2012/05/08/990341/french-banks-say-adie-to-asia/

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