Good afternoon Traders,US - Market Reflections - 31st May,...

Good afternoon Traders,

US - Market Reflections - 31st May, 2011

There's no end in sight for home price contraction according to the S&P Case-Shiller report, an outlook however that isn't much of a surprise. Sharp slowing in Chicago-area business conditions probably isn't a surprise either though a big decline in consumer confidence is definitely a surprise, one that points to trouble for Friday's jobs report. Yet markets didn't focus on economic data, rather reports that progress is underway in Europe for a second bailout of Greece. The reports helped lift the Dow one full percent to 12,569 and moved money out of the dollar with the dollar index down 1/2 percent.

Market Focus in the US this evening

Did manufacturing do as poorly in May as it did in April? We'll get two indications Wednesday from the ISM report and from motor vehicle sales where Japanese supply issues are specifically at play.

[Sources used: bloomberg.com / nasdaq.com]
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The DJIA Index finished the last trading session: Up 128.21 points; and
The All Ords are currently: Down 2.32 points atm.
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Of note in the US this evening:

ISM Mfg Index [ Market moving indicator]

Motor Vehicle Sales [ Merits extra attention]

ADP Employment Report [ Merits extra attention]

Construction Spending [ Merits extra attention]

John Williams speaks
[San Francisco Federal Reserve Bank President - Speech on economics instruction to a conference on teaching economics and research.]

Sandra Pianalto speaks
[Cleveland Federal Reserve Bank President - Speech on labor markets and monetary policy to the Columbus Metropolitan Club Forum. ]

Daniel Tarullo speaks
[Federal Reserve Gov. - Speech on U.S. and international financial regulatory reform to the Peterson Institute in Washington.]

...AND...

Of note in Australia today:

Gross Domestic Product (QoQ) (YoY) (Q1) [ Merits extra attention]
[The Gross Domestic Product released by the Australian Bureau of Statistics is a measure of the total value of all goods and services produced by Australia. The GDP is considered as a broad measure of Swiss economic activity and health. A rising trend has a positive effect on the AUD, while a falling trend is seen as negative (or bearish) for the AUD.]

RBA Commodity Index SDR (YoY) (May)
[The RBA Commodity Price SDR released by the Reserve Bank of Australia is considered as an early indicator of export price changes. The price changes influence GDP and exchange rates. An increase in prices may indicate strength of the AUD, while a decrease in prices may indicate weakness of the AUD. A high reading is seen as bullish for the AUD, whereas a low reading is seen as bearish.]

...AND...

Of note elsewhere today/this evening:

China - Manufacturing PMI (May [ Merits extra attention]

Japan - BoJ's Governor Shirakawa Speech [ Merits extra attention]

Switzerland - Real Retail Sales (YoY) (Apr) [ Merits extra attention]

Germany - Purchasing Manager Index Manufacturing (May) [ Merits extra attention]

European Monetary Union - Purchasing Manager Index Manufacturing (May) [ Merits extra attention]

United Kingdom - Purchasing Manager Index Manufacturing (May) [ Merits extra attention]

United Kingdom - Mortgage Approvals (Apr) [ Merits extra attention]

European Monetary Union - ECB Trichet's Speech [ Merits extra attention]

Japan - Capital Spending (Q1) [ Merits extra attention]

[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]

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Gold is currently trading Down $3.90c atm and is sitting at US$1,530.40/oz;
Oil (Nymex Crude) is currently trading Up $0.42c atm and is sitting at US$103.12/bbl atm
The Dollar: The AUD is currently trading @ $1.0730c against the US Dollar

[Sources used: kitco.com; bloomberg.com; nasdaq.com & fxstreet.com]
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Have a great afternoon trading all.

Cheers, Tweets