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World stock markets fell Friday, slammed by ratings cuts for Greece and five of its banks, which were announced ahead of a crucial Group of 8 summit this weekend. While Facebook's much-anticipated initial public offering provided a temporary distraction for traders, its first-day performance concluded with more of a whimper than a bang.
Before the curtain falls on this earnings season, investors will hear next week from several more major players, including Dell, Hewlett-Packard, Lowe's, Pandora, and Tiffany.
More Americans than expected filed for jobless benefits last week, echoing comments in the minutes of the April Federal Open Market Committee meeting that suggested policymakers feel unsure about the true state of the labor market.
The growing possibilities of an imminent Greek exit from the single currency bloc could drive up the value of safe-haven currencies such as the U.S. dollar and the British pound, while hurting a number of emerging Asian currencies that are sensitive to investors' risk appetite.
U.S. builders began work on more homes than expected in April, government figures showed on Wednesday. But the data suggested that builders might also be slowing their future construction plans.
Stronger-than-expected growth in Germany helped the euro area avoid its second recession in three years at the start of 2012 but stagnation in France and contraction in southern Europe underlined the huge economic disparities across the single currency bloc.
Consumer prices in the U.S. were flat in April amid signs that a spike in gasoline costs was ebbing, according to government statistics released on Tuesday, supporting the Federal Reserve's view that the jump in fuel costs is only temporary.
The main event this week is April’s retail sales report, which could see some payback after the unseasonably warm weather boosted March’s results. In Europe, investors will get a look at how the region’s economies fared in the first quarter.
German government bond yields hit fresh all-time lows while Spanish borrowing costs rose sharply Monday as worries intensified over whether Greece is edging towards leaving the euro zone, sapping demand for riskier assets.
Since hitting 52-week lows last October, U.S. financial-sector stocks have staged a strong comeback -- rising some 34 percent. Despite this uptick, they still look like bargains, at first blush.
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