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  • Today - Tuesday, May 22

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    11:21 AM What those bearish on stocks have to contend with - Morgan Stanley provides a summary of possible central bank firepower over the coming month. (via) Comment!
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    10:18 AM More on Existing Home Sales: Seasonal supply at 6.6 months, up from previous level of a 6.2-month supply. The national median existing-home price for all housing types jumped 10.1% Y/Y to $177,400. Foreclosures and short sales sold at deep discounts accounted for 28% of monthly sales, down from 37% a year ago. 2 Comments
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    10:03 AM April Existing Home Sales: +3.4% to 4.62M vs. 4.66M expected, 4.47M prior (revised from 4.48M). 3 Comments
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    10:00 AM May. Richmond Fed Mfg. Survey: -10, to 4 (above 0 = growth). Shipments -18 to 0, new orders -12 to 1, jobs +6 to 16. 3 Comments
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    8:41 AM While "re-shoring" may be happening, it's not creating that many jobs. A case in point: Whirlpool returning the production of its KitchenAid hand mixers brought just 25. Harry Moser of the Reshoring Initiative reckons 25K jobs have returned to the U.S. in recent years and thinks that the potential is far greater. 1 Comment
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    8:10 AM ICSC Retail Store Sales: -1.7% W/W, vs. -0.8% last week. +3.8% Y/Y, vs. +4.5% last week. The report notes little positive effect from favorable weather or from lower gas prices. 1 Comment
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    6:31 AM U.S. stock futures reverse early moderate gains after Fitch cuts Japan's credit rating. S&P -0.2%, Dow -0.2%. 1 Comment
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    4:22 AM Coming from the OECD's live twitter stream, "we need decisive policy action now" but "we're aware of the political economy of some of these problems. The scope for macro-economic policy is virtually exhausted." The OECD released its revised economic outlook just moments ago, warning the recovery is both fragile and uneven. (more) 2 Comments
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    4:15 AM The OECD cuts its 2012 eurozone GDP forecast to -0.1% from +0.2%; U.S. forecast raised to +2.4% from +2%; China to come in at +8.2% this year, +9.3% next year; Greece -5.3% this year, -1.3% next year; Japan +2% this year, +1.5% next year. Joins calls for eurozone bonds. (OECD economic outlook report) Comment!
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