The focus this week likely will remain on the home front, as a
slew of market moving economic reports come out, particularly on
the last two days of this holiday-shortened week. But Europe will
not be far from investors' minds either as concerns about the
Spanish government's ability to manage the country's banking sector
remain center stage. With respect to Greece, while opinion polls
appear to show some of loss of momentum in public support for the
anti-austerity Syriza party, it may be premature to extrapolate
those to the national vote on June 17th.
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On the docket today, we have the March Case-Schiller Home Price
Index and the Conference Board's Consumer Confidence survey for May
coming out. There is growing evidence that housing prices are
stabilizing and consumers have started feeling better about their
economic prospects due to the improving jobs market.
We will be getting plenty of details about the state of the labor
market this week, with the all-important May non-farm payroll
report coming out on Friday. Following the disappointing jobs
reports in the preceding two months, the reading this Friday will
either confirm a loss of momentum in the labor market or prove
those two monthly reports as merely outliers.
Jobs aside, we also have a number of other market-moving releases
this week, all clustered into Thursday and Friday. These include
the second look at the first quarter 2012 GDP, the manufacturing
ISM survey, the Personal Income & Outlays report, and the
Construction Spending reading.
In corporate news,
), the poultry processor, came out with better-than-expected
quarterly results this morning. In
) news, there are reports indicating that the company may be
planning to acquire the maker of Norway-based Opera Software, a web