Below is a succinct list of last week’s
events:

Positives:

1)
Athens stock market rallies almost 14% on week on hopes New Democracy party
squeezes out win.
2) Unconfirmed story but likely central banks stand ready for coordinated
action to deal with potential bank runs depending on election outcome.
3) Historically low mortgage rates finally entice many as refinance apps jump
19.2% to most since April ’09 and purchase apps rise 1.28% to 6 month high.
4) Headline US Consumer Price Index slows to 1.7% year over year, slowest since
Jan ’11 and Producer Price Index up just .7% year over year due mostly to drop
in energy prices.
5) Consumer Price Index and Producer Price Index in China moderate further,
loan growth, exports and imports gain more than expected.
6) April machinery orders in Japan rise more than forecasted.

Negatives:

1)
Spanish bond yields spike on heels of 100billion euro of extra borrowing to
finance bank bailout. Italian yields also get dragged up.
2) US retail sales in May soft as drop in gasoline prices offset by iffy labor
market and modest income growth.
3) Initial Jobless Claims total 386k, 11k more than expected and the 9th week
in a row above 370k.
4) University of Michigan confidence in June falls to lowest of the yr as both
current conditions and the outlook fall.
5) Industrial Production unexpectedly falls .1% month over month.
6) June NY manufacturing survey falls 14.8 pts to weakest since Nov ’11..
7) Core Consumer Price Index growth remains sticky at 2.3% year over year,
matching the fastest pace since Sept ’08, Producer Price Index core up 2.7%
year over year.
8) Chinese retail sales and Industrial Production grow less than expected in
May.
9) India’s wholesale inflation up 7.55% year over year, more than estimated
ahead of its central bank’s rate meeting Monday. Industrial Production up just
.1%. Will slowest growth in 10 yrs offset still high inflation?

Source: 
The Big Picture