Noteworthy...
• The Euro closed the week at a new 4 year low below $1.2000 (Reuters)
• US total nonfarm payroll grew by 431,000; unemployment rate edged down to 9.7% (BLS)
• The pace of U.S. bankruptcies in May reached the second-highest daily level since 2005 (Reuters)
• BP’s share price dropped 34% since April 20th, $62bn wiped from its market value (Economist)
• Unemployment in the Euro area was 10.1% in April, compared with 10.0% in March (Eurostat)
• Australia's first-quarter seasonally-adjusted GDP growth slows to 0.5% (MarketWatch)
• Japanese Prime Minister Yukio Hatoyama resigned after just eight months in office (WSJ)
• The Reserve Bank of Australia as expected left interest rates unchanged at 4.5% (WSJ)
• China to “gradually” levy a tax on property holdings in an effort to prevent speculation (Economist)
• Canadian GDP up 6.1% in Q1 of 2010 - strongest quarterly rise in over 10 years (Economy.com)
• Canada the first G-7 nation to raise its interest rates post-financial crisis (AP)
• Estimated Euro area annual inflation at 1.6% in May; it was 1.5% in April (Eurostat)
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Charts Of The Week
A major sell-off on Friday after a less than encouraging US jobs report drove the major market indexes more than 3% lower. The S&P 500 was down 2.25% for the week. China’s Shanghai Composite Index fell even further with a drop of 3.85% for the week. Many traders reported an acute nervousness in the market which can also be found in the strange trading patterns with up and down oscillations of more than 1% at any given moment. Perhaps some of the larger traders had seen the following chart analysis by Doug Short before trading this morning. Scary stuff...
| 3 Different S&P Valuations | A Hypothetical Bottom | |
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Good luck and good investing!
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