by Calculated Risk on 5/28/2010 11:55:00 PM
Friday, May 28, 2010
Friday Night Summary
From Bloomberg: Spain Loses AAA Rating at Fitch as Europe Battles Debt Crisis
The euro declined to 1.2274 dollars on the news. The TED spread increased to 38.11. This is still fairly low, but has been increasing ... Note: This is the difference between the interbank rate for three month loans and the three month Treasury and is considered a measure of credit stress. The peak was 463 on Oct 10th and a normal spread is below 50 bps.
The BEA reported April Personal Income up 0.4%, Spending up slightly.
The Institute for Supply Management – Chicago reported the "CHICAGO BUSINESS BAROMETER eased" and "EMPLOYMENT slipped below neutral". New orders were softer, and it appears the inventory adjustment is over.
The National Restaurant Association index decreased slightly, but still showed some expansion. Same store sales and customer traffic both showed declines in April.
And a few interesting articles:
Best to all.