European markets are basically flat.
Britain’s FTS 100 is flat.
France’s CAC 40 is down 0.4%.
Germany’s DAX is up 0.1%.
Spain’s IBEX is up 0.4%.
Italy’s FTSE MIB is up 0.4%.
French stocks are being led lower by BNP Paribas. According the WSJ, the Justice Department is seeking up to $US10 billion in penalties from the French bank for evading sanctions against Iran and other countries. Shares are down by 5%.
In Asia, Japan’s Nikkei closed down 0.3%, Hong Kong’s Hang Seng closed up 0.3%, and Australia’s S&P/ASX closed down 0.4%.
U.S. futures aren’t doing much ahead of Friday’s trading session. Dow futures are down by 2 points.
Here’s a preview of the upcoming econ reports via the Monday Scouting Report:
- Personal Income And Spending (Fri): Economists estimate income climbed 0.3% and spending increased by 0.2% in April. “Personal spending surged 0.9% [in March], partially due to the implementation of the Affordable Care Act (ACA), which fuelled health-related spending as enrollees piled into the exchanges,” noted Wells Fargo’s John Silvia. “The weather-related rebound and higher spending on healthcare likely are not sustainable.”
- Chicago Purchasing Managers Index (Fri): Economists estimate this regional PMI fell to 61.0 in May from 63.0 in April. “April showed sharp increases in the employment, new orders, and production sub-components, and the Philadelphia Fed and Empire State indices also showed gains in May,” said Barclays’ economists. “Taken together, these factors suggest that the April rise was backed by solid underlying fundamentals and should favour a strong print in May.”
- Univ. of Michigan Confidence (Fri): Economists estimate the final print of this sentiment index climbed to 82.5 in May from 81.8. “An improving labour market should contribute to improved financial conditions and expectations for consumers,” said BofA Merrill Lynch economists. “Businesses have pointed to increased sales and expectations for continued improvement in business conditions. Unfortunately, weak wage growth, increasing food and gas prices, and a declining saving rate may drag on consumers’ assessments of their respective financial situations. The slow-to-recover housing market is likely still weighing on consumers as well.”
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