Recap 5-29-12

Main Items:

· US Consumer Confidence declined to 64.9 in May vs 69.6 exp and 69.2 prev

· Greece’s New Democracy party placed first in all six opinion polls published in the country (out Sunday). The margin was as much as 5.7 percentage points over Syriza.

· China Leading Index declined to 99.86 in Apr vs 100.52 prev. This is the first drop below 100 since March 2009.

  • South Korea Mfg Business Survey declined to 86 in June vs 90 exp
  • SNB chairman Jordan says he would contemplate the introduction of capital controls if needed
  • Dallas Fed Mfg Activity declined to -5.1 in May vs +3 exp and -3.4 prev

Overseas:

  • Japan Jobless rate increased to 4.6% in Apr vs 4.5% exp and prev
  • Japan Retail Trade declined to 5.8% YoY in Apr vs 6.0% exp and 10.3% prev
  • German CPI declined to 2.1% YoY in May vs 2.2% exp and prev
  • Spanish Real Retail Sales dropped -11.3% YoY in Apr vs -3.9% exp
  • Italy Business Confidence declined to 86.2 in May vs 88.6 exp and 89.5 prev

Upcoming Data:

  • Tues: Japan PMI
  • Wed: Swiss KOF LEI, EU Money Supply, UK Money Supply, EU Confidence, US Pending Home Sales, UK Consumer Confidence,
  • Thurs: Month End, Swiss GDP, German Retail Sales, German Employment, EU CPI Estimate, US ADP, Jobless Claims, 1Q GDP 2nd Rev, Chicago PMI
  • Thurs Continued: Australia PMI, China PMI, HSBC PMI, South Korea PMI
  • Fri: EU PMI, Swiss PMI, UK PMI, Italian Unemployment, EU Unemployment, Canadian GDP, US Payrolls, Unemployment Personal Spending, ISM,

Commentary:

The stock market continues to rally despite weak secondary-level macro data. Next resistance level on S&P looks like ~1343 or so. There isn’t much important data tomorrow, so the expectation here is that the grind up continues for another day.

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