Thursday ended up being a rest day for stock markets around the world. There wasn’t any new news on Greece, the durable goods rally has run its course and corporate news was light except for more positive earnings out of the Canadian banks. Indices in the US and Europe dropped back a bit for the most part, while USD also pause its recent rally. There was some activity in energy markets, particularly Natural Gas which plunged nearly 5%. Gasoline, on the other hand rallies 1.3% on a big drawdown as summer driving season kicked off last weekend. WTI crude oil fell slightly despite another drop in US inventories suggesting that traders remain concerned that OPEC may keep the supply war going at its meeting next week. Today is the last trading day of May and it looks like it could be a really busy one, not only around the flood of economic numbers on the schedule but also in preparation for a potentially huge week for news. Today starts off with the main basket of Japanese monthly economic reports which could spark action in JPY pairs and the Nikkei. JPY has sold off dramatically this week and results could confirm the selloff or provide cause for a bounce. Following yesterday’s selloff in AUD and NZD on soft Australian private capex investment today’s numbers from Australia and New Zealand may also attract attention. Action in NZD today could end in a bear trap or a confirmed breakdown. China indices may also be in focus on whether they can regain their footing after yesterday’s big selloff or if there is follow-through from the bearish side. Friday is a big day for news in Europe and North America including GDP updates for the US, Canada, India, Italy, Greece and Brazil, plus a number of other significant reports including Chicago PMI which traders often use as an advance indicator of what we may expect from US PMI on Monday. Several reports are also due from Norway which could keep NOK active. In addition to reacting to news and position squaring for month end, traders may also spend Friday positioning for next week’s flurry of data which includes manufacturing and service PMI, a Bank of England meeting and employment figures. Next Friday looks like it could be a particularly big day with a Greek payment deadline, OPEC meeting and nonfarm payrolls all scheduled. Corporate News There are no major corporate announcements today. Economic News Significant announcements released overnight include: US jobless claims 282K vs street 270K US pending home sales 13.4% vs street 10.9% US natural gas storage 112 BCF vs street 102 BCF US crude oil inventories (2.8 mmbbls) vs street (2.0 mmbbls) US gasoline inventories (3.3 mmbbls) vs street (1.3 mmbbls) Canada industrial prices (0.9%) vs street (0.1%) Canada raw material prices 3.8% vs street 1.6% UK GDP 2.4% vs street 2.5% UK private consumption 0.5% vs street 0.7% UK house purchase loans 42.1K vs street 39.3K Spain retail sales 4.0% vs street 2.6% Spain GDP 2.7% vs street 2.6% Norway unemployment rate 4.1% as expected Upcoming significant announcements include: 9:30 am AEST Japan unemployment rate street 3.4% 9:30 am AEST Japan consumer prices street 0.6% vs previous 2.3% 9:50 am AEST Japan industrial production street (0.1%) 3:00 pm AEST Japan vehicle production previous (6.5%) 3:00 pm AEST Japan housing starts street 0.2% 11:00 am AEST Australia new home sales previous 4.4% 11:00 am AEST NZ ANZ activity outlook previous 41.3 11:00 am AEST NZ ANZ business confidence previous 30.2 7:00 am BST Germany retail sales street 2.5% 8:00 am BST Spain consumer prices street (0.5%) 8:30 am BST Sweden GDP street 2.8% 9:00 am BST Norway retail sales street 0.3% 9:00 am BST Norway manufacturing wages previous 0.9% 9:00 am BST Norway unemployment rate street 2.9% 9:00 am BST Italy GDP street 0.0% 10:00 am BST Greece GDP previous 0.1% 10:00 am BST Greece retail sales previous (3.3%) 8:00 am EDT India GDP street 7.3% 8:00 am EDT Brazil GDP street (1.8%) 8:30 am EDT Canada March GDP street 2.1% 8:30 am EDT Canada Q1 GDP annualized street 0.3% vs previous 2.4% 8:30 am EDT US Q1 GDP street (0.9%) vs previous 0.2% 8:30 am EDT US Q1 personal consumption street 2.0% 8:30 am EDT US Q1 core PCE inflation street 0.9% 9:45 am EDT US Chicago PMI street 53.0 10:00 am EDT US Michigan consumer sentiment street 89.5 10:00 am EDT US Michigan 1 year inflation estimate previous 2.9% 1:00 pm EDT US Baker Hughes drill rig count previous 885 CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.