Wed US 0700 ET Weekly MBA mortgage applications, previous +4.4% with purchase sub-index -0.8% and refi sub-index +10.5%.
0800 ET Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at the Council of Foreign Relations.
0945 ET May Chicago PMI expected -1.3 to 57.0, Apr +0.6 to 58.3.
1000 ET Apr pending home sales expected +0.5% m/m, Mar -0.8% m/m and +0.5% y/y.
1400 ET Fed Beige Book.
2010 ET San Francisco Fed President John Williams (non-voter) speaks at a Bank of Korea conference on global economic and financial challenges.
Jun E-mini stock futures this morning are up +2.75 points (+0.11%) and European stocks are up +0.36% on signs of growth in the global economy. Eurozone May unemployment fell to 9.3%, an 8-year low, and China manufacturing activity was reported unchanged from April, stronger-than-expected. The upside in stocks was limited as Jul WTI crude oil slumped -2.01% and undercut energy producing stocks. Crude oil is under pressure on speculation rising U.S. shale oil production will offset OPEC cuts on crude output. Asian stocks settled mixed as China’s Shanghai Composite closed up +0.23% at a 3-week high and Japan’s Nikkei Stock Index closed down -0.14%. The Chinese yuan jumped to a 6-1/2 month high against the dollar on speculation the PBOC is intervening in currency markets to support the yuan. GBP/USD is down -0.18% at a 1-1/4 moth low after the latest polls show UK Prime Minister May’s Conservative Party may fall short of a majority in next week’s general election, which raises the risk of a hung parliament. The dollar index is down -0.12% and EUR/USD is up +0.26%. USD/JPY is down -0.07% and Jun 10-year T-notes are down -2.5 ticks.
The Eurozone Apr unemployment rate fell -0.1 to 9.3%, stronger than expectations of -0.1 to 9.4% and an 8-year low.
The Eurozone May CPI estimate rose +1.4% y/y, weaker than expectation of +1.5% y/y and the slowest pace of increase in 5 months. The May core CPI rose +0.9% y/y, weaker than expectations of +1.0% y/y.
German Apr retail sales unexpectedly fell -0.2% m/m and -0.9% y/y, weaker than expectations of +0.3% m/m and +2.2% y/y.
German May unemployment fell -9,000, less than expectations of -15,000. The May unemployment rate fell -0.1 to 5.7%, right on expectations and the lowest since German reunification in 1991.
The China May manufacturing PMI was unch at 51.2, stronger than expectations of -0.2 to 51.0. The May non-manufacturing PMI rose +0.5 to 54.5.
UK May Gfk consumer confidence unexpectedly rose +2 to -5, stronger than expectations of -1 to -8.
Japan Apr industrial production rose +4.0% m/m and +5.7% y/y, weaker than expectations of +4.2% m/m and +6.1% y/y.
France May CPI (EU harmonized) was unch m/m and rose +0.9% y/y, weaker than expectations of +0.1% m/m and +1.1% y/y.
The Italy Apr unemployment rate fell -0.4 to 11.1%, stronger than expectations of -0.1 to 11.6% and a 4-1/2 year low.