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Monday Morning Recap: Quiet Trading Day Ahead Given Very Low Volume in Overseas Trading – Morning Notes

- If overseas trading is any indication, today may be a very quiet trading day
- European markets are closed (for Easter holiday)
- Nikkei closed down 10bps, though on very low volume
- In Japan, gov’t approved an emergency budget for earthquake aid
- Also, Japanese gov’t may cut its GDP forecast due to the earthquake (GDP forecast is scheduled to be released later this week)
- Shanghai Comp saw more pressure, closing down 1.5% (again, on low volume)- weakness attributed to concerns around monetary tightening
- France’s April Business Confidence came in unch’d while the Business Survey of Overall Demand fell to 21 from 29 (again, European bourses are closed today)
- Notable rally in gold and silver along with crude oil this morning
- Dollar continues its downtrend
- S&P futures trading marginally higher, up about 2.25 handles
- On the economic calendar for today: March New Home Sales out at 10a; April Dallas Fed Manufacturing Activity at 10:30a