Friday Morning and Economic Data

Futures are looking mixed this morning, after yesterday’s stellar market action.  Today will be an interesting day in the financial markets.  I am wondering if traders will be starting their Memorial Day Weekend early, which could lead to light volume today.  However, there are some key Economic data being released today, which I am sure many will have their eyes on to see how the economic recovery is progressing.

Friday, May 28, 2010 Economic Data:

Personal Income and Outlays 8:30 am EDT

• Personal Income (M-o-M change) -> 0.3% prior, 0.5% consensus
• Consumer Spending (M-o-M change) -> 0.6% prior, 0.2% consensus
• Core PCE price index (M-o-M change) -> 0.1% prior, 0.1% consensus

Chicago PMI 9:45 am EDT

• Business Barometer Index – Level -> 63.8 prior, 62.0 consensus

Consumer Sentiment 9:55 am EDT

• Sentiment Index – Level -> 73.3 prior, 73.3 consensus

In a news article from a bit of my heritage, Italy had a bond issuance to raise capital to help its country get out of its cash flow issue which many European countries are undergoing. “The 9.3 billion euros ($11.4 billion) sale came after the 10-year Italian/German government bond yield spread widened to 145 basis points from 130 basis points a week ago, helping cheapen Italian paper relative to core euro zone debt.”  (CNBC, through Reuters) – Additionally it was stated that demand for the paper was good, especially for the three-year bond.

Bloomberg provided an interesting article about Investment Banks (of all places) would provide refuge in Europe from the continent’s debt storm.  This would especially be the case with Credit Suisse (CS), UBS (UBS), and Barclays (BCS) — which interestingly enough are all outside of the Eurozone. (CS and UBS = Zurich, Barclays = London)

Well, I’m off to work now.  Here are a few more articles for your reading pleasure this morning:

European Banks Trade on Sovereign Debt Fears

Currencies: Dollar slips, euro rises as tensions ease

Obama visits Gulf to assess largest U.S. spill ever

E-House China Bulls Looking for a Bounce

U.S. Markets Aim To Tip-Toe Into Weekend

Inside Wall Street: Some Analysts Are Gung-Ho Over Under Armour

Toys `R’ Us Seeks $800 Million in Initial Offering by KKR, Bain – Bloomberg.com

Rethinking Offshore Drilling (Market Update)

Cramer’s Stop Trading! Hot Town, Summer in the Citi (5/27/10)

Benjamin Graham: Stocks Ugly, Bonds Uglier

Have a great Friday!