REUTERS/Cathal McNaughton
- Latest headlines quote a Greek government spokesman that aim is for a deal by Sunday
- G-7 finance ministers meet as the uneasy ceasefire in the Ukraine weighs
- After 7 days of consecutive gains, China got whacked last night - Shanghai Composite declines 6.5%, Chinext drops 5.39%; Shenzhen composite falls 5.52%.. Note that despite the move today the SHCOMP is only down 0.8% on the week. Consensus seems to be the primary cause is the upcoming IPO subscription period starting Monday, while a number of reports highlighted liquidity concerns as the PBOC attempted to drain funds from the market. Recent Shanghai Comp slides (four ~5% drops in the past 6 months) - last 3 didn't last long
- Nikkei extended its winning streak to 10 days, something that hasn't happened in almost 3 decades
- Tech remains strong on back of BRCM takeout - Taiwan traded higher with the big 3 leading gains, TSMC +1.4%, Mediatek +2.3%, Hon Hai +0.9%.
- EM Weaker Again- The Philippines PSEi index dropped by 1.6%
- Sell in May and go away? US, Japanese, UK, German, French and Chinese stocks all on track to close the month higher. Bulls in American Association of Individual Investors survey rise to 27.0% from 2-year low 25.2% (TY Chuck)
- Oil unchanged as weaker $ supports it, despite larger than expected API build last night. OPEC officials will meet w/major non-OPEC oil producing countries Wed and Thurs (6/3-4) ahead of the formal OPEC meeting Fri (6/5).
- Scheduled Catalysts today include Pending Home Sales at 10; Natty gas Inventory data at 10:30; DOE Crude Data at 11; $29B 7Y Auction at 1; At 2pm the Atlantic Council releases report on Ukraine- Fed's Kocherlakota Speaks on Monetary Policy at 2:25, and we get Agricultural Prices at 3.