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Thursday Morning Notes: Global Markets Lower Following Ugly Action in U.S. Markets on Wednesday – Morning Notes

- Global markets continued to see pressure in the overnight after yesterday’s ugly action in the U.S. markets
- No-Confidence vote against Japan PM Naoto Kan, who survived the vote, but pledged to resign once nuclear crisis is resolved
- Nikkie closed down 1.7%, Hang Seng down 1.6%, Shanghai Comp down 1.4%
- European bourses are trading lower as well
- Note that today is Ascension Day holiday in Europe (markets remain open) so volume is fairly light there
- European bourses bounced off their lows after ECB Pres. Jean Claude Trichet commented that he wanted to form a EU finance ministry and give leaders ability to limit spending
- Euro hit a one month high this morning
- Greece was downgraded by Moody’s with a negative outlook
- Greece downgrade implies a 50% default risk over next five yrs
- UK Construction PMI came in better than expected
- Initial Jobless Claims: 422K; prior revised up to 428K from 424K
- Continuing Claims fall to 3.711M from 3.712M
- Q1 Productivity (revised): +1.8% vs. +1.6%; prelim was +2.9%
- U.S. retailers reported May Comp Sales this morning, and most have been weaker than expected
- Remaining on the economic calendar for today: April Factory Orders at 10a
- S&P futures are about 2.25 handles from FV ahead of the open