US stocks are steady to start their trading week following the Memorial Day holiday with Dow and S&P index futures up marginally. Traders continue to digest FOMC Chair Yellen’s comments from Friday which confirmed the central bank is heading for a rate increase soon. Today’s personal spending and PCE inflation figures plus employment and PMI reports later in the week may give a better indication if a rate hike is more likely in June or July. European markets are trading slightly lower with the Dax and CAC down 0.2%-0.3%. In an ongoing sign of who is winning and who is losing from being in the Euro, Germany’s employment figures were better than expected while Italy’s were worse than expected. UK markets are down only slightly today as traders return from holiday across the pond as well. Weekend reports suggest indications that PM Cameron’s tenure as Conservative leader could come under fire regardless of which side wins the upcoming Brexit referendum. Meanwhile, an ORB poll released this morning shows Leave gaining momentum as their results shows Remain’s lead narrowing to 51%-46% from 55%-42% last week. There was a brief downdraft in GBP but that ended quickly with Sterling already bouncing back. This action shows that fewer and fewer traders are concerned about negative implications of a Leave win, tuning out the overblown calls of doom from some quarters. Brent and WTI crude oil are holding steady just below $50.00 per barrel ahead of Thursday’s OPEC meeting with CAD, NOK and RUB also steady Gold has bounced back slightly off of $1,200 support. Canadian banks could attract more attention today as Bank of Nova Scotia reported results which were not as bad as feared despite restructuring charges. Corporate News Bank of Nova Scotia $1.46 vs street $1.42 Economic News Significant announcements released overnight include: Japan unemployment rate 3.2% as expected Japan industrial production (3.5%) vs street (5.0%) Japan housing starts 9.0% vs street 4.1% Japan construction orders (16.9%) vs previous 19.8% Japan household spending (0.4%) vs street (1.3%) and previous (5.3%) Eurozone unemployment rate 10.2% as expected Eurozone consumer prices (0.1%) as expected Eurozone core CPI 0.8% as expected Germany unemployment change (11K) vs street (5K) Germany unemployment rate 6.1% vs street 6.2% Germany retail sales 2.3% vs street 1.7% France consumer prices (0.1%) as expected Greece retail sales (4.3%) vs previous (7.3%) Italy unemployment rate 11.7% vs street 11.4% Australia building approvals 0.7% vs street (6.7%) NZ building permits 6.6% vs previous (9.8%) NZ ANZ business confidence 11.3 vs previous 6.2 NZ ANZ activity outlook 30.4 vs previous 32.1 Announcements due later today include: 8:30 am EDT Canada Mar GDP street 1.4% vs previous 1.5% 8:30 am EDT Canada Q1 GDP street 2.8% vs previous 0.8% 8:30 am EDT US personal income street 0.4% 8:30 am EDT US personal spending street 0.7% 8:30 am EDT US core PCE inflation street 1.6% 9:45 am EDT US Chicago PMI street 50,5 10:00 am EDT US consumer confidence street 96.3 10:30 am EDT US Dallas Fed street (8.0) vs previous (13.9)