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Economics
This week we expect US Q1 GDP to be revised up from the initial estimate based on improved trade data in March. Durable goods orders should have picked up in April both on a headline and underlying level.
In Europe we expect May business surveys from France (INSEE) and Germany (ZEW) to pick up in line with lower oil prices. The Japanese Tertiary index should have improved in March while retail sales should have picked up in April.
Fixed Income
The market's focus is on the current meltdown in credit spreads and in structured credit derivatives.
The rise in uncorrelated default risk amongst the credit universe is causing large losses to the most common credit derivatives carry strategies and is prompting a large unwinding of those positions, which pushes spreads wider.
Other markets are not really affected by the situation in the credit universe; carry currencies, EMD and equities are still performing very well.
Equities
Supported by nice earnings reports, a hesitating oil price and some nice economic figures, equity
markets succeeded to rally.
Internaxx
