Main news was that late in the week ECB may be looking to act further to stimulate a worsening crisis in Europe.
US 2nd Qtr GDP was reported at +1.5% which translates to overall real growth and in line with market expectations,with further revisions down to Q1 from the previous reading of 2.2% to 1.9% as is currently stated for final Q1 numbers. On the net markets received this news with a sigh of relief as the burgeoning Euro crisis looks to be slowing growth in the global economy.
Earlier in the week saw Thursday’s housing data missed with New Home Sales printing -1.4% as markets expectations was for +0.6% with revisions also to previous data suggesting that Home sales are still not looking so strong and are volatile.
THE WEEK AHEAD
Monday: Spanish Flash GDP, Italian 10yr Bond Auctions
Tuesday: S&P Case Shiller Composite, Chicago PMI, CB Consumer Confidence, Chinese Manufacturing PMI, Chinese HSBC Final PMI
Wednesday: Spanish PMI, ADP Non Farms, ISM Manufacturing PMI, FOMC Statement, Fed Funds Rate Decision,
Thursday: ECB rate decision, ECB Press conference, US Unemployment Claims,
Friday: Non Farm Payrolls, Unemployment rate, ISM Non Manufacturing PMI