Eurozone May final services PMI 46.7, marginally better than flash read of 46.5.
Composite PMI 46.0, also marginally better than the flash read of 45.9. (Lowest reading since June 2009)
Eurozone April Retail Sales -1.0% m/m, -2.5% y/y
(a very weak reading vs. Reuter’s median forecast of -0.1%, -1.1% respectively)
German April industrial orders -1.9% m/m
(again a very weak reading vs. Reuter’s median forecast of -1.0%, but note that March data was revised up to +3.2% m/m from +2.2% previously, so nothing really changed)
BAFIN President : German banks’ exposure to Greece is limited
(= we have already sold all PIIGS debt)
Riksbank’s Ingves : Spain needs to recapitalize banks
(Sorry, but this is Pulcinella’s secret, agree ?)
Spanish Finance Minister : At current borrowing costs, the market door is not open to Spain.
(Do you understand the message of the last weeks ? You have to open the door to the IMF)
OECD’s Gurria : No reason why Spain should pay 7% interest if it makes all the right decisions
(If you are telling the truth, you can buy Spanish bonds with your money, sounds like a fantastic opportunity for you, don’t you think ?)
