Recap 6-14-12

Main Items:

  • SNB kept policy unchanged as exp
  • SNB told Credit Suisse to raise more capital, and UBS to stop paying dividends
  • US Initial Jobless Claims increased to 386k last week vs 375k exp and 377k prev
  • US CPI declined to 1.7% YoY in May vs 1.8% exp and 2.3% prev. Core CPI was stable at 2.3% YoY in may vs 2.2% exp.
  • Canada Capacity Utilization increased to 80.7% in 1Q vs 80.5% exp and prev
  • Last night, Moody’s cut Spain to BBB- w/neg outlook. S&P is at BBB+.


  • EU Labor Costs rose 2.0% YoY in 1Q vs 2.6% exp and 2.8% prev
  • Australia Inflation Expectations declined to 2.3% in June vs 3.1% prev
  • RBNZ kept policy unchanged as exp

Upcoming Data:

  • Fri: BoJ, US Empire Mfg, U Michigan Confidence
  • Sun: Greek Elections
  • Mon: NAHB Housing Market Index
  • Tues: UK CPI, German Zew, Japan Trade Balance