·
US initial jobless claims rose to 282k from an upwardly revised
275k last week. The four-week moving average also bounced modestly to 272k from
267k. Overall, initial jobless claims remain at low levels and are consistent
with a broad suite of partial indicators that point to a further improvement in
the labour market.
·
Pending home sales in US increased 3.4% m/m in April, with the
annual pace of growth little changed at 13.4%.
·
Euro area economic confidence indicators were mostly slightly
stronger than expected in April. Economic confidence was unchanged, services
confidence was a stronger than expected and consumer confidence printed in line
with market expectations. Confidence has been lifted due to lower petrol prices
and the tentative improvement in the labour market.
·
UK Q1 GDP growth was unrevised at 0.3% q/q. Consumer spending
and business investment rose, while exports declined modestly. Overall, the UK
economy remains on a firm footing and business surveys suggest that GDP growth
is likely to pick up modestly in the near term.
·
In the currency markets, the AUD/USD tested cycle lows on the
back of a weak Q1 capex report, while NZD/USD broke to new cycle lows after
Fonterra and an RBNZ inflation report. An unrevised Q1 GDP sent GBP lower while
EUR found
stability.
·
US data elicited little reaction in US Treasury markets. Ten
year yields were up 1 bp to 2.14%, with a steepening in the
curve.
·
US equity markets retreated, not helped by concerns about
Greece. US equities were down 0.1-0.2%
·
Crude oil prices rebounded overnight, but still remain down over
4% in the past week. Wildfires in Alberta, Canada, the largest source of US
crude oil imports has shut 233,000 barrels per day of crude
output.
Gold prices have inched higher after hitting a two and a half week low
as the US dollar and global shares fell amid uncertainty about Greece staying
in the euro zone.
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