- Shanghai Stock Exch remains under pressure, though PBoC tries to calm money market rates. Interbank lending rates dropped after PBoC provided liquidity (allegedly).
- Asian equity markets mixed, with Nikkei off 1%, but others closer to unched-positive on heels of US data yesterday.
- Australia...Kevin Rudd returns to power taking PM spot from Julia Gillard in Labor party leadership vote. She had ousted him in a party revolt in '10. General elections are in Sept where Labor is currently expected to lose (big!) to rival center-right Liberal Nationals. Rudd will face task of keeping his minority party gov't in office. Raises political uncertainty.
- India...the Rupee hits 60, a record low. Bk of India being watched for intervention...none seen yet.
- European stocks generally higher early on heels of US data yesterday.
- Treasuries firm overnight...US 10s @ 2.577%.
- Gold continues to get hit hard!
- Italy may suffer billions in losses on restructured derivative contracts dating back to their accession into the Euro in the late '90s!
- US Q1 GDP revision...cut to 1.8% from 2.4%. Consumer spending rose less than orig estimate. Personal consumption only up 2.6% vs orig 2.4% est.)
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