China’s central bank cut its range of lending and deposit rates by a quarter percentage point in an effort to address the slowdown in the nation’s manufacturing sector. Its key 1-year lending rate dropped to 6.31%.
Spain held a successful bond auction.
First-time claims for unemployment insurance totaled 377,000 in the week ended June 2, which was 2,000 more than the consensus forecast, but was down 12,000 from the prior week.
Federal Reserve Chairman Ben Bernanke testifies before Congress’ Joint Economic Committee (JEC) at 10am today with investors wanting to hear something about stimulus here in the U.S. and China’s rate cut.
The national average price for gasoline dropped a half-cent to $3.560 per gallon.
0545 ET Fed’s Rosengren speaks about global risk in Copenhagen.
0830 ET Weekly initial unemployment claims expected +3,000 to 380,000, previous +10,000 to 383,000. Weekly continuing claims expected -2,000 to 3.240 mln, previous -18,000 to 3.242 mln.
0830 ET USDA weekly exports.
1000 ET Fed Chairman Bernanke testifies to Congressional Joint Economic Committee on the U.S. economic outlook.
n/a ICSC May chain store sales, Apr +0.6% y/y.
1030 ET DOE natural gas storage.
1210 ET Fed’s Lockhart speaks on U.S. economy in Georgia.
1315 ET Fed’s Kocherlakota speaks in Minneapolis.
1500 ET Apr consumer credit expected +$10.6 bln, Mar +$21.355 bln.
1530 ET Fed’s Fisher speaks on renminbi at La Jolla, CA.
1630 ET Weekly money supply report and Fed balance sheet.
n/a Treasury announces 3-year, 10-year , and 30-year auctions for June 12-14.