In general market news eyes are on China as Chinese industrial output growth delivered a mixed result to analysts. On the one hand it stood at 9.3% for April which was up from results from March, but slightly lower than of the expected 9.4% analyst forecast. Investors were looking at these results to test the veracity the extremely positive trade data from last week.
In stock news HSBC (HSB) may announce job cuts this week in a continuation of their efforts to reduce spending. Chrysler is planning to recall almost 1/2 million SUV’s worldwide due to faulty circuit boards. General Motors (GM) plans to spend 200 million upgrading showrooms and relocating under performing stores.
In currency news the Yen continues to drop vs the dollar. At one point during the day it fells to a 4/12 year low against the dollar. This helped the Nikei reach 14782, its highest level since 2008.
India’s trade deficit for April grew as imports of cheaper Gold grew the deficit to 70%. Higher taxes on gold imports failed to stem the tide.
Today’s Economic Calendar:
1) Retail Sales 8:30
2) Business Inventories 10:00
Earnings Before Open:
CEL, PERI, SSYS
Earnings After the Close:
HMIN, IOC, SCTY, TRQ, TTWO, VELT , WX
