SamTrader1
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By, BinaryOptionStrategy.com
On Friday, the German Bundesbank said the nation may start to see a slowdown in its economy, which would be a further blow to the European Union as it struggles to contain a debt crisis in peripheral nations. Also, Greece is not helpingthe EU, Fitch downgraded Greece’s credit rating to junk-bond status.
The Philadelphia Fed’s business activity index tumbled to 3.9 in May from 18.5 in April, which was not only a surprising drop but alarming as well. Economists had expected the index to rise to 20, according to Reuters.
The Philadelphia Fed’s business activity index tumbled to 3.9 in May from 18.5 in April, a surprising drop. Economists had expected the index to rise to 20, according to Reuters.
Initial claims for unemployment fell by 29,000 to 409,000 in week ended May 14 from an upwardly revised 438,000 claims the week before. Economists surveyed by Reuters expected claims to fall to 420,000 from the previously reported 434,000.
The four-week moving average of claims, however, reached a six-month high, rising 1,250 to 439,000. Continuing claims fell to 3.71 million in the week ended May 7 from 3.79 million.
THE WEEK AHEAD
MONDAY: Chicago Fed National Activity Index; St. Louis Fed President James Bullard speaks; Wind Power 2011 conference; earnings before-the-bell from Campbell Soup.
TUESDAY: New home sales, Richmond Fed Business Activity Survey, two-year Treasury note auction; Kansas City Fed President Thomas Hoenig speaks; Boeing Investor meeting; FDIC report on Q1 bank earnings.
WEDNESDAY: Mortgage applications, durable goods orders, oil inventories, five-year Treasury note auction; Minneapolis Fed President Narayana Kocherlakota speaks; USDA Food Prices Outlook, BlackRock shareholder meeting, ExxonMobil shareholder meeting, Yahoo investor day; earnings before-the-bell from Costco and Polo Ralph Lauren.
THURSDAY: GDP, USDA Agricultural Trade Outlook, jobless claims, corporate profits, natural gas inventories, seven-year Treasury note auction, money supply; earnings before-the-bell from Sony and Tiffany.
FRIDAY: Personal income and spending, consumer sentiment, and pending home sales.