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Friday Morning Recap: European Bank Upgrades Help Lift Markets – Morning Notes

- Mixed performance in global markets
- Shanghai saw notable weakness, closing down 1% after Credit Agricole cut its growth forecast and increased its inflation forecast
- Nikkei closed down as well, 40bps, though the index was able to bounce off their lows
- Note that after the Asian market close, Fitch revised its outlook on Japan to negative from stable
- European bourses are showing strength, particularly the Financials
- There were a several upgrades on major European banks (by SocGen and Citi) this morning, hence the strength in the bank names
- Also, EU banks may side step part of the more stringent Basel III capital requirements under drafting legislation implementing new rules, according to the FT
- G8 finished its two day meeting today- global recovery is gaining strength and they will remain focused on solving public finance issues
- Dollar is weak
- S&P futures are trading higher this morning
- April PCE Prices: +0.2% vs. +0.2%
- April Personal Income: +0.4% vs. +0.4%
- April Personal Spending: +0.4% vs. +0.2%
- Remaining on the economic calendar for today: UMich Sentiment at 9:55a and March Pending Home Sales at 10a
- Note that the Treasury market will close early today at 2p in light of Memorial Day weekend